You need to read the news, then. The official announcement was made this morning. The standard Xbox360, retailing for $299, does not include the hard drive. The "Premium" version, at $399, does.
I still don't understand this obsession with a hard drive. Just because Xbox had one (which wasn't really used for much), everybody simply assumes that it's a "requirement", and that any system that doesn't include one from that point on is "teh suck". Obviously it's not near as important as everyone thinks it is, or else MS wouldn't have dropped it. Now it's nothing more than a hundred-dollar add-on, that will be used even less than the Xbox's drive was, because not everyone will have it.
As for the subscription, it's just the "Silver" membership, which is free anyway. The "Gold" membership, which is required to actually play games online, will cost you, just like it's always cost you.