Just a couple of things to note if you're going for f2p.
1) F2P players will *never* get any of the veteran status and rewards regardless of how long they play the game.
2) F2P players start with fewer inventory and bank slots (I have no idea if they will reduce your inventory and bank slot if you go from subscriber to f2p)
3) No free skill respec unless you pay for them with c-points.
Existing toons won't lose anything but won't gain anything unless through the store, and new characters will never get any gold perks.