You can get the details from http://blogs.adobe.com/creativelayer/introducing-the-photoshop-photography-program/.
This URL has all the lateset updates since it has been annouced
This offer is only for customers with a standalone version of Photoshop/Photoshop Extended CS3-CS6, you need to have Photoshop CS3 - CS6 to qualify for the new Photography Program so you can only transition from a Photoshop CC subscription if you also have a prior version of Photoshop (CS3 - CS6).
This offer isn't available to education customers.
That's very annoying. So even though I just use Photoshop and Lightroom for 98% of my work, I have to keep paying $50 a month because I bought CS3 Creative Suite Design Premium and can't switch to the PS/LR only package.
I don't think this is going to work for me.