F2P are given choice of 3 races...I'm at the moment a subscriber, and I have a Sith Race Inquisitor. So if I drop my subscription (I couldn't give a bantha fart about warzones) I lose the ability to play my legacy sith race??
They've said many times you keep your character perks, and everything about that character, but if you make new characters when you go free, they're restricted. Also your warzone, raid limits are similarly limited, and I can assume so is your money and inventory, which goes into an escrow. DC Universe Online did something simmilar for returning players, only they were "Preferred" access because they spent money on the game so get more benefits than say the freeloaders. It seems that BioWare WANTS to go in the same direction, but they lack the communication skills to just come out and say so, which is irritable to consumers.
I also don't see why there's a need for species restriction... It's just a skin and a few tweaks of dialogue... Nor do I see the need to get a pass to wear purple items. As much as we subs should get benefits, the freeloaders and returners should still have an experience where they don't just go and say "the **** is this crap?"