I don't think that microtransactions are an inherently bad thing, but in this case - well, it's EA, so it can ONLY be bad.
Take a look at Need For Speed World for some indication of the future.. the worst-implemented and maintained MMO that I'm aware of [noting that I know I'm not an expert on MMOs, but NFSW is truly shite].
The game is ostensibly "free to play" and centred on multiplaying racing.. but:
* As with most EA fare, the game is run almost entirely by the marketing department [I actually feel sorry for the devs, as it's evident that they're effectively bound & gagged by the marketing department]
* the devs and marketing people actually stated, "You can't buy victory," despite the fact that the best of everything are available only for real money, and the best of everything totally affect gameplay and shift all advantages easily and quickly to any fool with a credit card
* There's effectively no matchmaking most of the time, so the chances of being able to enter a public event with even remote chances of winning a round depend mostly on how much you've put into real-money-only cars that make up nearly all of the top performers
* there's no chat system for users to communicate publicly; they had to disable it >1 year ago because the devs aren't competent enough to make anything even remotely robust or secure, script-kiddies would constantly cause the game to crash for other players with simple buffer overflows
* EA obviously don't get what the "micro" in "microtransaction" is supposed to mean: all transactions are in dollars or greater; if you were to compare NFSW to any other NFS title and try to get the same gameplay out of it, it would cost thousands of dollars of your real money to even get close [and there are players who've put in thousands, insanely]
* "Exclusives" cost up to $50-75CAD for things that are only special because of a repaint by the art department [exclusive monacle, anyone?]
I could go on and on.. yeah, it's only a game, but compared to their off-the-shelf titles this "free to play" game is effectively several orders of magnitude more expensive.. which make little sense given that the real multiplayer aspects of the game are either disabled, broken, or simply not present. The game is basically, at this point, not really a multiplayer game.
This is the future of gaming, going by EA's ethics-free "screw the customer" business plan: make the client free, but bleed players dry hundreds if not thousands of times over if they want to "achieve" the same things they can by buying last year's single-player+muliplayer title down-to-$10 at any brick&mortar store.
I feel sorry for the smallish studios that EA keep buying up - the devs lose all freedom to determine the direction they want their games to go, and live under corporate policies that amount to "leave the customer completely in the dark while charging them as much as possible." The future of gaming, indeed.