What are they going to do when a new feature makes another one obsolete? Keep both? What if they fix a bug in the new version, do they also fix it in the obsolete version?
This sounds like a major maintenance chaos a few years down the line. They'll need to keep adding individual features to incentivise frequent re-purchases, so they'll end up with hundreds of variations of the app, all depending on when you bought it...
Thinking about this makes me so happy about the pay-once model of my apps, I'm so grateful that it works, and that I don't need to squeeze every penny from my customers.