Turbine recently announced at the Game Developers conference that LoTRO has done extremely well since going free to play. The number of users has more than tripled, 20% of all lapsed former subscribers have come back, revenue from the game doubled, and subs have actually increased. Sounds an awful lot like what happened when DDO went FtP.
We don't know how well EQ2X is doing, but SOE has already announced that Pirates of the Burning Sea will be going FtP and has hinted that they are considering switching Vanguard over as well. The real pudding will be the rate at which new content starts showing up in EQ II. If we start getting a lot of new content, I would take that as a sign of an increased revenue stream. If the pace doesn't change from what we have seen in the last few years, it may have been a wash for them.
On the other hand you have the recent announcement that World of Warcraft has surpassed 12 million concurrent subs. With Cataclysm coming down the pipe December 7th, it's almost certain that number will go even higher.
To me this really just formalizes what commentators have been saying for years. There's WoW, and then there's everything else. If I were running or developing a sub based "something else," I would be thinking long and hard about switching to FtP. I think Bioware has a good chance to crack a million subs with their Old Republic MMO, and GW II is also likely going to do extremely well. But for the most part I think you'd be daft to try and compete with Blizzard in the sub based MMO space, unless your game is budgeted out assuming (at most) 100K players when it goes live.
News Asides: Not sure how the heck I missed this, but LEGO Universe launched today for pre-order customers. I will be checking that out the very moment a demo becomes available. Also, IGN has an incredibly detailed write up of FF XIV. Unfortunately, due to a number of issues (e.g., the brutal system requirements and clunky UI) I'll be surprised if FF XIV does well on the PC. Hopefully the PS3 version will be better.