This is not like PC, this is a console, which will be obsoleted by the manufacturer in a few years. It sounds like the a natural extension of the removal of your ownership rights that the mega-publishers have been pushing towards for years now.
To say it's just like the PC model is utter bunk.
My Steam PC games from 2004 still work long after Bill Gates'
Original Xbox Live Arcade games stopped working.
My GoG games work long after the operating system they were written on was abandoned. My PC games will still work long after your Xbox 360 XBLA games are abandoned. My Steam games can still be made to work even if Valve are destroyed, because I control my system, and there are ways of doing these things.
This idea on consoles is an invitation to piss money away, whereas PC gaming will carry on for as long as x86 computing survives. You can line up like suckers if you like, and pretend it's just like a PC, but it's not, it's the worst of all worlds.
Planned obsolescence, always-on DRM, platform lock-in, high prices, installs, patching, no store competition. Awful. I fully expect Sony to take the same route as well.
And if they use the same pricing policy as they have currently (or charge even more, as Epic implied costs will be rising 2x) then it will certainly be interesting to see what happens.
With these kinds of rumours flying around alongside the underwhelming specifications, I will definitely not be an early adopter.