I actually think that this is somewhat a smart move from Autodesk. I think it depends on what the goal and the actual budget of the teams maybe. The cheapest way to make a game on Apple iOS now is $99.00 - that's it. This would only be for the Developer cost that Apple requires in order to distribute a game on iTunes. The software used would be Blender and Unity, which are both free (Unity's non-pro version is free along with the export engines for iOS and Android.)
I think why MayaLT would be a good idea is if someone was to join a team for a short term or even up to a year, who would possibly be an asset creator or something similar. The mobile game industry is moving very fast and games are taking much longer than 3 months to make. A quick throw-a-way game, can take 3 months. If you want to make anything good that has the chance of doing well, it is going to take longer, especially if the team is small, which is who Autodesk is targeting. I think MayaLT is a great alternative to Maya, but I don't know how well Blender users are going to transfer over, especially if their software is free.
I think it is a step in the right direction, but there are a couple of things that could make it better. 1.) Would be the Camera Sequencer. This was just added in Softimage as a way to make in-game cinematic, why leave it out when games are your target? 2.) A lot of games, especially the type that would be made with MayaLT, since the 25,000 polygon limit geared towards character was mentioned, have some soft of cinematic, whether "flash" style or an full animated video like ours in Blaster X HD. How can you do that in MayaLT? I think MayaLT is going to be a great add-on for small teams, but somewhere in that pipe, I feel might to have to be something a little more beefier.
Also, what happens when someone wants to go into MayaLT just to look at a file and their rental is over...I assume they will have to pay for the month - minimum - just to check the file out.
I think if you are already on subscription for Maya, then I would just stick to paying for that. MayaLT is definitely a good choice though for someone who has not made the initial purchase and is looking to get a game going.
I used Softimage for our game and I wouldn't go to anything else - just my preference.