^Maybe you're right, but you would think Bioware would put at least some focus on trying to entice back the million plus people who bought the game and quit. Not all of those people are jaded MMO vultures. Many liked the game but not enough to consistently sub. These draconian quality of life restrictions are going to drive them off as soon as they re-download the client.
If FTP attracts enough n00bs, many of the quitters who wanted super busy servers might resub just for that.
As for the story being able to hook people...I'm not convinced. I've been playing Bioware games since NWN1 and frankly thought the SWTOR stories were mediocre. They aren't bad like DA2, but they aren't great either. It doesn't help that the class stories only account for a small fraction of the 1-50 experience. The rest is just traditional MMO fetch/kill quests with voice over.
I dunno, my first toon was a Marauder. Notwithstanding my n00bness (because of which I wasn't even aware of all those things they're now restricting for FTPs) & the learning curve, the class story had me major hooked start to finish. The slog didn't matter, made it all seem epic, difficult, a hard-won victory. I imagine the HK droid, SGR, reintroduction of the option to kill off companions, stuff that's sorta been ready from the get-go, but they're holding off on for some reason? All of that may be more reasons for resubs.
Now, if someone wanted just stories, but 0 slog, they can buy the major XP boosts, using which they might be able to blow through the game pretty much just doing class. Dunno how much of a boost it is or what it'll cost, but they must be thinking, let's at least get our money's worth in one single burst from all those folks who wanted this to be KOTOR 3. By charging a total of $60 (what any other full length single-player game would be these days) to blow through a toon doing only class, they get 4 months of sub for each toon, or nearly 3 years of sub to do all the classes. Around 500 bucks total, which some Star Wars nerds who hate MMOs might be willing to dish out, or will over time, w/o noticing.