This is true, you don't need to pay an ongoing subscription for continued access to the games.
> You buy individual games on Steam and it stays on your account indefinitely - you do have to pick and choose what you buy.
But I'm very wary of that "indefinitely". Steam doesn't set an expiration date but they can do it at a moment's notice. Save goes for any store where the purchase (rental?) is permanently tied to the store.
