As well as the £1/day and £2/wk online subscription charges, weekly subscriptions to the print Times will include online access. (As before, see their FAQ.) This is pretty close to the approach used by The Economist, which I subscribe to.
The first difference (from my own parochial point of view), though, is that I subscribe to the Economist anyway. But the last time I bought any other print newspaper was for the DVD attached to it, I didn’t spend a great deal of time reading it. (More than 0.) I can’t even remember the time before that.
The Economist also makes some articles available for free online (without even having to jump through registration hoops). I can’t see any mention that The Times are likely to do that. So there’s a second difference.
I do fairly regularly read the Times online. But I also read the BBC, Guardian and Telegraph to about the same extent, and while those are still free (at point of use), I don’t think the Times adds enough that I’d pay for it.
Furthermore: one of the main uses is something to link to in LJ or IRC, to trigger a discussion about something. It’s rare though that the Times is the only place which covers an issue, and if I’m not in the habit of regularly reading it then it’s not likely that I’ll see the counterexamples. And unless all (or at least most) of my readers also subscribe, or are willing to pay for short-term access, it’s pretty useless as as jumping-off point for a discussion. Judging by the poll results, that precondition isn’t likely to be met.
Put another way, for me to think the Times is £2/wk better than the alternatives, a lot of other people have to think it’s worth paying for too.