So here is my take...I agree with many mentioning the failure at releasing new end game content. The game has been out for quite some time now and one of the best ways to entice people to return/keep paying sub would be to release new content and raise lvl cap (5 lvls increase is more than laughable, it's insulting). I have 6 lvl 50s that are essentially "retired" because there is nothing to really do with them (pve anyways, pvp can go terrorize zones). I have no desire to create another character because I've done everything 9 times now...yes, 9 characters (3 pvp)...it's become monotonous.
Secondly, I feel the f2p option is a bad idea. While it does generate larger player base generally, it usually ends up ruining the game for long-time players. I've seen too many games go f2p and then become so easy it's pathetic all to appease the f2p-players. I really don't want to see that happen with SWTOR. Unfortunately, they will be spending more time on appeasing these people that expect everything for free than to release new story and worlds. This is the first sign that their writers have hit a block and don't know what to do. When you create a game like this, you should be thinking long-term in not only finance, but for content. The basic business model calls for 5 years...implement it.
You play this game way too much!
I suggest playing other games as well so that you never get to the point you just described.