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When a game goes F2P its not because the game is a failure, it is due to the following reasons:
1) The monthly subscription model is dead.
It is dead for 2 reasons - MMOs make more money with F2P than subscriptions and players are drawm to F2P more than subscriptions because they "think" its free.
2) Ask any Age of Conan or Lord of the Rings Online player (who has leveled to cap, raided, and quested to cap) how much they have spent on each game as a subscription versus as F2P and you will be shocked to see that F2P at the very least caused these players to exceed a yearly subscription amount.
3) F2P increased player pop in both AoC and LOTRO, albiet AoCs pop is going down for a different reason - poor expansions and a poor PvP game design that leaves slow poke players in the dust or players that PvE'd to cap without PvPing tokens (sound familiar SWTOR?).
F2P will help SWTOR just as it did AoC, but unless SWTOR makes some design overhauls it will eventually suffer. I cannot tell you how many players did not want to pvP in AoC and SWTOR until they hit level 50, and then found they were HOSED.
Yes, we all know WoW is declining in Population, but its numbers are still very successful and the game has already paid for itself and makes huge profits for Blizzard. ATM it does not make sense for WoW to go F2P.
In conclusion, the sooner players realize that F2P is not an admission of failure but the new standard, the sooner these players will understand the MMO world today...and its a bleak one. For with F2P your initial elation of "hey this games free"! No asking mommy and daddy for a credit card; will soon become dispair when you see that you cannot truly enjoy the full game without forking over MONEY...much more money.
Keep an eye on Guild Wars 2, the only truly "free" MMO (not excluding purchase price), which contrary to Guild Wars 1, will have microtransactions.....