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Phantasy Star Online 2.
Japanese version currently in full release. Western version slated for Q1 2013.
F2P with cash shop. Stand-alone items, licenses, and gachas (random lottery cash shop).
The cash shop has no game-breaking features. It offers aesthetics (outfits, accessory tickets) and some upgrade items for equipment enhancement / customization. Upgrading is, in itself, wholly unnecessary, and (in my opinion) actually makes the game feel too easy.
Housing, auction house *sales*, and trading are off-limits to free players. There are monthly licenses in the cash shop for housing and listing items in the auction house. There's also a premium option that grants both of these, trading, and other perks. Currently, there's only one method for those outside of Japan to purchase cash shop currency, and the markup is high.
There are various guides online for those interested in signing up for the Japanese version. Visit bumped.org or PSO-World's forums if you happen to be interested. Otherwise, keep an eye out for the Western release.