Nope, no perpetual license other than for CS6 (for which, support will slowly be phased out) From the FAQ:
You will continue to have access to free Creative Cloud member benefits, and if you saved your work to your computer you will continue to have access to those files. You will no longer have access to the Creative Cloud desktop applications or most of the services that are components of a Creative Cloud membership.
Now PSD has typically had fairly good backward compatibility, so potentially, if you stop your subscription, you could still open your files on an older version of the software. But for After Effects, if I'm reading this right, if I do work in CC After Effects and eventually cancel my membership, it seems as though my files, while still accessible to me on my local computer, will be unusable unless I start my subscription again.
Am I understanding that correctly?
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tony romain | principal/creative director
trance
motion graphic animation and design
323 651 1114
www.trancedesigns.com