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I think subs have a time and a place. And I think the F2P model has a time and a place. And they both have pros and cons. The F2P model is pretty obviously the one that's better for the consumer, if it's not a P2W game.
You make some good points, but you also leave a few out. The P2P model honestly does trump F2P for encouraging/allowing quality content from developers... and there's simply no refuting that.
A F2P model only succeeds when certain content is put behind a pay wall, or when natural in-game progression to obtain those items is made so painfully slow, that eventually, you'll just want to pay for it. Therefore, I argue that P2P games are actually BETTER for people who have limited playtime, but only for those gamers who would rather reach their goals through natural progression than take shortcuts.
I'm like you... some nights I can play a lot, but some nights, I can't play at all. I work all day, and sometimes at night. I'm married, and I also work out literally every day. My marriage, my job and my fitness (and friends, when there's time) all take priority over gaming. That said, I really tried getting into GW2 (one of the better, more content-intensive F2P games recently released) and just couldn't do it. The game was fun, but what drove me nuts was how there was no realistic way for me to get the game's coolest items without buying gems for the cash shop. A P2P Final Fantasy game with the doors flung open is a breath of fresh air for me.
The thing is, I'm an old-school gamer, and always will be... and the thought of buying upgrades or rewards for my character through a cash shop is absurd. If I'm not able to get these things in the game with reasonable effort, then what's the point? On the flipside, I know people who would gladly just buy things in a cash shop, and then putter around doing whatever else they want during their available gaming time. There's nothing wrong with either approach...
After buying GW2, though, I spent zero dollars on the game's cash shop. After buying FFXIV:ARR, I've already spent $60 in subscription fees... AND I feel much better about playing, because I know my in-game accomplishments will be the result of what I put into the game, and not what I buy from a cash shop.
Neither approach to gaming is wrong... it's all personal preference... but there are more than enough people like me to make solid P2P titles successful and sustainable.
EDIT: Also, if your schedule is so sporadic that you may go a month between play cycles, then ARR probably isn't the best game for you to be playing. I honestly couldn't imagine being able to play an MMO effectively with that kind of limitation. I'm not trying to stand in that "GO PLAY SOMETHING ELSE!!!" crowd... but MMOs shouldn't be designed around people who can't play on a somewhat reliable schedule.
Edited, Feb 7th 2014 9:23am by Thayos