I guess part of what I worry about is transference--that a sucky F2P option is going to make people view the game negatively. I don't really envision F2P people bumbing up to a sub because of how much it offers, I see them playing the game, struggling against the limitations so much they don't have fun, and ultimately judging the game as unworthy as a result.
Same with existing sub players. They have been looking forward to the F2P leap as a chance to change things up. Maybe they didn't intend to go to the F2P model, but I'm betting a lot of them expected a much better community and multiplayer opportunities as a result of it. I'm guessing that won't really happen, and the perceived negativity of not having things get better (even if they don't get worse), combined with how crappy the drop to a F2P account would be, means they'll just quit altogether.
Honestly, I can't help but feel that "Free to play" is a little untruthful. Yes, the game is going F2P--but honestly I would call this system P2E--pay to enjoy.