It's a possibility but I would have thought with the number of publishers they have on board now it could be a tough sell. They will be wanting their royalties and a subscription model would make cost accounting a bit tougher.
That said I suppose it would open up the opportunity for tiered accounts, whereby if you want to play the latest releases then you pay a higher monthly premium - I think Metaboli do something similar but on a smaller scale. Personally I would have thought a Platinum account featuring the entire Steam backcatalogue needs to be priced around the £30/month mark, which sounds a lot compared to most subscription-based services, but if you think about it that's the equivalent of buying 20 games at £17.99 every year (although obviously you can't keep them forever - maybe have some kind of option to buy games at a reduced price if you terminate your subscription). That would represent good value for serious gamers who play a lot of the latest titles, obviously people who don't play so many titles or stick with older games would probably prefer a different model.
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i guess the question to ask here is whats the online play like???
