The problem with FTP models is that the game design changes to fit it. The focus then is not providing quality content, but providing content that encourages using the store. Every game out there that is FTP does this. Some start out mild, but always end up with various forms of PTW hidden as "convenience". A company exists to make money, to stay in business and so the main goal and focus of that company will be to encourage people to use the store. This can not be denied, though it is often rationalized with numerous excuses as to why it is acceptable.
Here is the thing. With the FTP model, as I said... they have to encourage people to spend money which has an effect on the way the produce content how it is approached. The goal is to get you into the store to spend money. With a Pay to Play model, the goal is to keep you subbing and to encourage you to buy the next content update. It is in their best interest to create quality content that keeps their subscription base logging back in and people buying the new content. FTP only cares that you buy from the store. So, the design goals are quite different which is why you always see a slide to gimmicks that make play more "convenient" if you use the store.
Of course a company can be profitable with FTP, it is a gimmick. I have seen people complain about a monthly sub, but then turn around and brag about things they obtained spending 300 bucks in a month on micro transactions. You have to be a complete fool to throw money at that crap. People justify it by saying "well, I don't have time to grind..." which is an excuse to justify their cheating. If I don't like a game, I don't play it. Paying money to circumvent a design I dislike in a game is Darwin Award behavior. You say you like the FTP model because you get to decide what you will pay for? You mean... you get to decide how you will cheat through a game that is designed with more and more mundane features to encourage people to spend more and more in the store. Great, you like that... fine... I personally think it is a waste of time that produces shit games.
I watched them destroy LoTRO chasing the WoW crowd. They dumbed down the dungeons, shortened them, made skills and abilities where you can spam keys without attention. Heck, their legendary weapon system was specifically designed to fit a FTP model. It is all lotto base where players spend money like crazy to "buy" what they don't want to grind for hours to obtain. Don't want to work on those traits? No problem, just buy them in the store. Levels taking too long? Here are some potions to buff you! Don't get me started about EQ2, that game is complete trash now due to its store.
You have heard the old saying "nothing is free"? Nothing is. You are paying for FTP, but you are paying for it in mundane content design that is filled with "encouraging" gimmicks to get you to spend real money. The entire industry is ran by marketing people who honestly... think you are a sheepish tool who can be manipulated to empty your pockets over intangible things that are worthless. It is all some idiotic commercialized approach... you know... just as you said.. "Have it your way!", just like the fast food commercials, they treat people as if they are mindless animals.
Though it seems to be working, I mean... micro transactions are very successful! /shrug