It's an interesting debate, one that's been rumbling on for a while.
I think it comes down to one thing: do you value The Times enough, ie, do you and have enough of a relationship already with the writers, cartoonists and maybe even the photographers to continue that relationship on-line?
If not, and you're a casual user, the the Guardian on-line has stated it's staying free, so you can use that, or the BBC's on-line content is a good overview, but you should also be aware that certain specialist titles such as the FT already charge for their on-line content.
Not sure if they won't have to re-consider this in 6 months TBH as the one thing that's propping up these titles is advertising. If you don't get passing trade, relying solely upon an established client base your ability to attract new advertisers might be greatly reduced.
A rock & a hard place, so good luck to them!