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Will you own the console, or will it be a rental?
Anyways, I don't like the idea of paying piecemeal for the machine. Or anything for that matter. Well, buying a house or a car you kinda have to, but everything else I have always paid up front.
As for the games as a subscription service, the sensibility of that depends on how many games I usually end up buying in an average year. Will have to make some calculations. Having access to 100 games is of no value to me, if none of them are what I really want. And I know what I want, it's very cut and dried for me.
I'm a Sony man so at this point I'm just entertaining a hypothetical, but if this turns out to be a success for Microsoft, Sony is sure to follow suit eventually.