I thought that for the first 15 hours or so, but then I found that all the quests outside the starting starting regions are locked away. While it's possible to earn enough turbine points to unlock the quests without paying a dime, grinding for the turbine points is absolutely tedious and time-consuming.
I still consider it a better pricing model than the monthly subscription. I like to have a lot of games installed on my PC, and ironically have only few minutes a day to try out some of these games. I can't justify paying $10-15 a month to even a single MMORPG. Having free to play games let me continue on my own pace and if needed, a *one time purchase* can open up more content. I don't have to look back after an year and see that I spent $180 on a game that I hardly played for most parts.
Besides, it is the only way, where multiple MMORPGs can all survive simultaneously.
More power to Turbine, Sony and other free-to-play MMORPG developers.