Totally agree. I'm a hobbyist too and if its a case of pay £250 every year or it is £500 if you skip a year or so, then I'm just not willing to bother with that at all.
Perpetual license or not, it simply feels like you are being held slightly to ransom. We all want latest features and updates so naturally you want to pay it, but going down that route, I could just get Maya/Max Indie year on year.
For a hobbyist, paying anything at all honestly makes little sense when you have a free, feature-rich zero-cost alternative with continuous upgrades available to you.
At that point, it really just boils down to your dedication to the software, your desire to see it continue development, and your generosity.
But I can't agree that paying for software updates is akin to being held for ransom. In my opinion, losing all access to software when you stop paying... that is being held for ransom.
Heck, when the enterprise license server at work goes down and the Maya users lose access (and it happens a lot more than it should), it is a literal work stoppage for however long it takes to get the problem corrected.
They lose their collective minds.
At least with perpetual software, you may be missing some features when you don't update, but you can still work.
They're taking a huge chance with this venture. Its up to them to succeed and is on them if they don't. It shouldn't be up to users to throw money at them on the 'chance' they'll get something in return. Show results then ask people for money- that's how any real business venture works.
I think most business ventures actually work on the premise of presenting a business plan / idea and soliciting funds... either in the form of loans, venture capital, or investment, depending on the venture.
In that sense, most business ventures are situations where people or institutions throw money at something on the chance that they will get something in return, whether that is loan repayment interest, investment dividends, share values, etc.
But no long term business venture operates in a capital vacuum. The money for salaries, equipment, license fees, taxes, workspace, stock, etc. comes from outside sources.
With Lightwave Digital, they got the initial investment they needed to start the ball rolling. I think that this initial pricing offering serves two purposes for them; it helps them gauge interest in quantifiable sales figures and provides additional development funding outside of what they have already procured.
Nobody should feel any obligation to support them in this initial effort, though.