Its way to cycle people through an extended trial and it's not really f2p. It's dual subscription;
1. Go regular subscription and get everything, except expansions
2. Go pay as you go and get access to
- 4 races - Barb, human, erudite, and gnome
- 4 classes - War, cleric, wizard, and something, probably rogue.
- 4 bag slots
- 4 character slots - I think
- bank limits including 8k max pp
- Everything to the last expansion and level 90 and ... wait for it... 250 aas
A $5 one time fee gets you access to another 750aas. This is a game where some classes have over 16000 aas. Also, progression group and raid gear will be flagged as only usable with a paying account, though you may be able to pay for unlocks by the piece who knows.
So I'm expecting that it will probably be priced so that all these things are unlock-able for a small fee, if you want to chose. But most will just go full subscription, if they stick around long enough to begin to care.