When it went F2P, suddenly every single window in the interface had a link to the ingame shop. That really hurt immersion for me and for LotRO that's a huge deal breaker in my book.
Free to play RUINED the game. Every window is a link to the store CONSTANTLY telling you to BUY BUY BUY!!! It's obnoxious and I can't STAND it.
I was worried as it went towards F2P. However, I can't say that bothers me. I've seen my share of immersive breaking gamenames, especially in the beginning of the game. An army of elfen hunters called Legosomething or champions calling themself Masterblaster....
There's no way Turbine / WB can break immersion more then players did and still do. And don't forget: somehow they HAVE to make money with it.
I still love the game, maybe even more then in the beginning. Can't say I ever regretted getting a lifetime subscription back then. There are times where I put it aside for months, but whenever I return (and I always do) I'm hooked again.
I play it very casual, with no raid content or groupquests (been there, done that, don't need it anymore), like a singleplayer in an MMO. Yes, with F2P came a few drawbacks, but the game gained also a lot more accessibility. Like most of the epic questline where groupquests acted as a showstopper for me, are now actually doable.
A lot gotten refined (some might even say dumbed down), but without losing the complexity. I know that every time I get back to it after several months, I have to re-learn / re-discover my toons and how they work.
Still love my Warden who replaced the Hunter as my main rather quickly - best and most innovative implementation of a class / combat system I've seen in an MMO ever.
Right now I decided to bring up my low 40 Minstrel a bit, which I dropped frustrated before it went F2P and gosh, she rocks! I think I have to put down more time, as I plan to work with my guardian in the near future, who acts as a crafting tool right now.
I shy away from everything that is F2P as it mostly comes over as pay2win for me, but LOTRO is different.