I was kind of having some of the same issues you thought of. I didn't really get stoked about it until I saw you guys playing it and I missed out on the Beta keys. I wish City of Heroes had a lifetime membership (or I would have gotten into it when it did). I look at it this way. If the game stays up for 16 months (hell the year would be good), you've broken even. Plus, playing as a BORG! Anywhoo, I'm seeing myself plunking down the scratch before the launch.
I thought I read somewhere on the official page that you can get a lifetime subscription AFTER the game launches, the price goes up to $299, though. I can't seem to find that now, though.
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