The good part of this is that it should strongly incentivize developers to make sure their subscribers are happy. Otherwise they won't make it to the second year.
I think that's only partially true. While Apple promised that there will be an easy way to manage subscriptions, at least some users will just forget that they've subscribed to something and will continue to be charged regardless of whether they are even using the app. This is especially true if they have a mix of intended subscriptions and small unintended ones.
This is part of the time-honored business model for places like fitness clubs.
I get an email every single time I am charged for a subscription, so unless you make it a habit to ignore invoice emails, you won't be likely to forget more than once.
How will this scale to dozens of app subscriptions? If I'm getting invoice emails for 10+ apps every month I doubt I'll be paying really close attention to each one.