They've changed their licensing since it was first announced on HN. They're still pretty murky. For instance, the personal license excludes certain types of work (but the phrasing is unclear); but the commercial license states it's only required for businesses of two or more people.

The personal license is no longer a subscription (if it was ever, I don't really remember), but the commercial license still is, even for non-Enterprise.

I'm very happy with Obsidian's pricing. Basically if you're getting paid in relation to some of the notes that you take then you should be using the commercial version. Much better model than the advertising and data-vacuuming models that are the flavor of the day. I'm glad to pay for software that I use, that means the software can be sustainable and continue to exist.