One of our networks in Switzerland (Sunrise) has a really innovative subscription model: They give you a cheapish subscription that's completely independent of the phone (~25-40$/m depending on whether you need unlimited free calls etc.) and which you can cancel/modify with every month. Then they offer you a leasing contract for your phone where you choose yourself how many monthly payments you'd like to make (payment per month inverse proportionate to the contract duration). At the end you can have about the same total cost of ownership as before, but you're much more flexible. The leasing contract amounts to ~5-8% interest on the upfront price for the whole duration and it's not dependent on how you set it up.

So, I wonder how many people will opt to just buy it up front now, when the subsidy isn't hidden anymore. It could also have a negative impact because some people will find it too complicated, however the widely trusted consumer review and comparison sites all give it a big thumbs up, so I think many will figure out why it's better.