In Adobe's current Cloud model, the licensing is Cloud-based even though the software is installed and runs locally. You must sign in to Adobe's servers and activate the software in order to use it. You're no longer tying a unique serial number to your local computer.
Adobe is slowly working on streaming software (Photoship in the browse or software as a service) but it's still being developed
Aha, thank you, John! I will look forward to SaaS availability. In the meantime, maybe getting the subscription for the locally installed and run package is worth it.
The cloud portion describes the included cloud storage and sharing rather than the products themselves, which isn't applicable for Lightroom.
Here are some other resources which might be helpful:
The cloud portion describes the included cloud storage and sharing rather than the products themselves
Dave, I always thought those features were optional extras.
The licensing seems to be the core Cloud feature.