The new pricing model is free with an unlock for pro-type features:
In short, even after the trial expires, the app will continue to offer all of its features, except for Sync, Backups and Alert Notifications (i.e. turn into a dumb, but useful to do list). In order to enable those, the user could upgrade to the full version by paying once.
This is a good read which goes over the trade offs of all the models. I loathe the idea of all my apps being monthly subscriptions, but would be all for yearly subscriptions. $1-2 apps have always done well initially and I had always hoped a market could be sustainable with yearly $1-2 subscriptions instead of monthly.