In the interests of trying to call balls and strikes fairly and without emotion, I do have to have to say that the changes made to C4D since R25 were good ones. Props to Maxon. Unfortunately, there was just not enough in R25 to warrant me upgrading from R23. I made a decision at that point, to get off the perpetual upgrade train and stay with R23.
But I made that decision with the sound expectation that perpetuals were going to go away SOMEDAY. So why continue to spend that $950/year if you felt that at some point they would no longer be offered? Do I want perpetual licenses? Yes, of course. But here is the insight that made me really re-think that position: At some point after I stop upgrading, that "perpetual" license has its own expiration date. It will not last forever because its life is determined by your computer hardware and OS.
In the future, will R25 run on Windows 16? Not sure. Can it run on the latest CPU's you buy in 2029 as their instruction sets do change over time? Or the GPU's? Today, yes. 7 years from now - who knows. To prove this to yourself pull up your oldest version of C4D, reinstall it and let me know how you enjoy the experience (assuming it still runs). And by old, I mean older than R15. Yes, it may run, but the viewport could be glitchy. Certain commands could generate errors with the C++ executables....all sorts of issues.
Plus, you will hate the rendering on those old versions. That is the allure of CG. The rendering just keeps getting better. At some point, R25's AR rendering is just going to look like crap (and that point is probably already here when you look at RS and Octane). Will the latest version of Octane still run on R25 in 7 years? Maybe not. So at some point you are going to look at your perpetual license that you paid extra for and go "ugh.... why do I keep this around" -- which by default makes it lose its "perpetual" status from your perspective. If you are not using it, it is not perpetual because it has NO PERPETUAL VALUE TO YOU. And isn't the true purpose of software! To provide you value? If you are not using it, it is not perpetual because you have determined it has no value....it's just eating up hard-drive space.
You may be able to limp along for maybe the next 7 to 10 years with R25, but ultimately it will either be incompatible to your hardware or the user experience and rendering capability will dissuade you from using it.
Understanding that end-state, I made the decision to walk away from C4D with R23 as I was not enamored yet with subscriptions. R25 did not help that opinion but R26 and R2023 have since changed that perspective. So, I saved myself $950 by avoiding R25. I will also save myself ($950 - $720) $230 should I decide to get a one-year subscription. Still haven't made that decision yet, but time is on my side. No deadlines like the MSA. Want it? Not want it? I can make that decision now or 6 years from now without any financial impact. If the perpetual train still existed, those choices would have had a financial impact. And if I do decide to dip my toe back in the latest version of C4D with a subscription, I can get it for a year or a month - my choice.
Again, just trying to set aside the emotional connection we have to software that we all loved at one time or still love today and looking at it from a more pragmatic. clear-eyed perspective.
Dave