or do I have to upgrade to one the versions? For now I want to keep what I have.

Sure you can stay with any previous version of SONAR including X3e. Just like if you elect to upgrade to the new version, you are not forced to renew in 12 months. All versions of SONAR are sold with a non-expiring license.

No! X3e will automatically self destruct on Jan 21st at 11:59 PM local time.
Just kidding
 

My  first impression of the new subscription model is:  I HATE it !
Sounds like great way for all the users to pay Cakewalk to be beta testers. 
Will owners of X3 be given a reduced price to upgrade ?

Yes, prices are here http://www.cakewalk.com/P...SONAR/Versions#pricing

TomHelvey
No! X3e will automatically self destruct on Jan 21st at 11:59 PM local time.
Just kidding
 

I think I'm going to self destruct.

gaa
My  first impression of the new subscription model is:  I HATE it !
Sounds like great way for all the users to pay Cakewalk to be beta testers. 
Will owners of X3 be given a reduced price to upgrade ?

 

First impressions really shouldn't be made public until you've at least read the FAQ.
 
The answer to your question is yes (See the pricing chart on this page):
 
https://www.cakewalk.com/Products/SONAR/Versions

At present time, I have Sonar 8.5,X1,X2 and X3 on my PC. I can launch anyone independent of the other. Moving forward, I will have only 'a' Sonar(type)on my PC.
This new model is really not that bad, as you can still use your "old" versions. Unless the new installer cripples all previous ones; they have not said that, as I have read so far. 

Yes, all the previous version will work as before. The new SONAR will also allow you to rollback to any previous release of the new SONAR using Cakewalk Control Center.

gaa
My  first impression of the new subscription model is:  I HATE it !
Sounds like great way for all the users to pay Cakewalk to be beta testers. 
Will owners of X3 be given a reduced price to upgrade ?

"Subscription" is really an inaccurate term.  It implies that once you decide to stop paying, you lose the ability to use the software.  This is not the case (except if you are paying monthly and don't complete 12 monthly payments).  Once you make 12 payments (or pay the initial lump sum cost) you own the license and no one can take that away from you.