It was an embarrassment to EA to say the least. They lost over 50% of their subscription base within 90 days actually surpassing the industry's worst launch\retention Warhammer. It was a single player game with an MMO bolted on and after everyone beat it in 30 days. less then 1/2 people bothered to subscribe.
Think of this as a resturant: 50% of the customers didn't like the food enough to come back. Doesn't sound good. Prior to Warhammer, retention at 90 days was about 80% by estimate with players usually averaging 6 months before attrition. The problem is with the market saturation the demographic changed when WoW came into the picture. The Old School MMO players (pre-WoW players) had a much longer attention span in regards to rewards. The pacing, the very core was a longer experience. A novel. WoW came along and transformed that experience into a Short Story. Both enjoyable in their own right, but with the advent of the Theme Park and Sandbox styles (rather then the Virtual World model of Everquest in contrast to say WoW or Eve respectively) and the addition of a structured tread mill. The demands to engage this new demographic are not, IMHO, sustainable via a subscription model.
The problem with F2P is without safeguards, every troll douche and his inbred cousin can just script up and troll, ban, repeat. F2P is a recovery and long tail approach to MMOs and I see the industry needs to change.
MMOs should be more like muds and Counter Strike servers. More intimate, targeting 200-300 people a shard and allowing people to "roll-their-own" shards much like a counter strike server. Transform the MMO industry into a hosting industry where a few of you "Roll-Your-Own" and throw in what mods you want then invite people. Open it public, set a level cap, or an age limit, customize some rules, or make it invite only. Oddly I am seeing an uptick in Muds once again courtesy of CoffeeMud and newer Diku\Merc\Rom derivatives. Maybe a second golden age of MMOs is coming, perhaps the MMO will die and the GMUD will be revived. Who knows.
What I can say is that the original demographic of EQ players are as a majority, parents (statistically, they should all now mostly be about 35 years old) and the time commitment for old school MMOs (you know Virtual Worlds rather then Theme Park\Sandbox MMOs) means devs are left with the ADHD FPS converts that can't stand waiting more then 4 seconds before something spawns.