While it's something that has probably been considered, I cannot see it working for anything other than MMOs. If you are making people pay a subscription, then you have to provide something which makes that subscription worth paying, and that means content. Clearly this is something which most single-player games either cannot or will not do, and thus it's unlikely that many people would be willing to pay for them.
Regardless, such a system would probably spell the end of PC gaming as we know it today. I for one would steer well clear of games utilizing pay-to-play, and I'm sure I would not be alone in that conviction. Though this is really a moot point, since few companies are going to be foolish enough to implement it.
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"I must confess that my imagination refuses to see any sort of submarine doing anything but suffocating its crew and floundering at sea." - H. G. Wells
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