Excellent decision Bioware, I applaud you and look forward to what you provide for the players.
I for one will continue to subscribe so that I can enjoy everything the game has to offer and get the perks that come with it. I have been a subscriber since Day 1 of Early Access with the Collector's Edition. I enjoy the game and the content you provide, despite what all the haters and trolls have to say (every day) about how "terrible" the game is.
I believe this new model is an acknowledgement of the changing business model of online gaming and reflects the best way to approach the market now.
My same thoughts on the issue. I already play one game that does this and it works just fine. Other major MMO's are moving to this and I can only imagine that if EA/BW didn't make this change, the haters would be beating their annoyance drums again with "Why didn't you go with F2P? It would have saved SWTOR!"