Why pay $180 a year for a bit of additional content if you can get the story lines (1 - 50) for free?? I fear all they have done is make a bunch of the few subscribers left question : why pay?
If you are a subscriber now, you probably won't want to unsub. There are likely going to be other restrictions placed on free accounts that haven't been made "official" yet, though BioWare has hinted at it. These restrictions include a credit cap, inventory cap, bank slot cap, etc. If you like PvP, you can only do Warzones so many times per week without a subscription. Also, anybody playing endgame will need to sub, as Operations will not be available to free players.
Granted, if somebody just wanted to get through the class story (play KOTOR 3-10), it would only cost them $15 to buy the game (if they hadn't already), and they could play for free for the entirety of that. And I am sure that some players will do that. However, I feel a lot of people will not want the restrictions placed on the free players.