What happens if you finish the first year subscription after which you own the product and then you renew for one month every 3 months, for example? Is that even possible? If so, do you get the accumulated updates corresponding to the months you missed?

I wouldn't think so, I think it would be much like it is now, if you bail out before the end of your 2nd year subscription (monthly payments) you would drop back to what you had at the end of your first year. I could be wrong though, but I think it would be something like that, the way you describe doesn't seem like it would be profitable for CW

irvin
What happens if you finish the first year subscription after which you own the product and then you renew for one month every 3 months, for example? Is that even possible? If so, do you get the accumulated updates corresponding to the months you missed?

Once you cancelled you'd revert back to the version you received after your initial 12 months. You need to pay for 12 consecutive months in order to keep everything you own. 

Once I get off the big monthly hit for the first 12 months, I plan to do annual renewals, so I don't have to deal with it every month. Saves some money, too.