Content is a matter of perspective. If you don't do Operations or PvP, then quite a few updates have been incredibly content-light. We had no significant extension of player story for some time. I don't disagree that content is good - of course it is - but dead-end endgame content is not what is needed. If you're already of the mindset that wants a gear treadmill, that can be achieved with 6-7 raids with Normal, Hard & Insane difficulties and different gear that drops in each. Job done. Content that holds player interest over the longer term for players that don't want to raid all day in the same dungeon (sorry, operation) is always slower to come, but also as critical.
However, you're wrong on F2P not having significant beneficial effects. It does two things: it brings in spikes of money and it brings in population. Both are of benefit to an MMO. When players are dropping $240 in a day on gambling for cartel boxes (whether you agree with that conceptually/philosophically or not), it has a direct visible effect. When Coruscant has 5 instances with 100 people in each vs even Christmas launch with perhaps 2 instances total, again, that has an effect.
F2P brings in people but without new content you'll likely see the same pattern of churn as players run out of content or get bored: big early numbers followed by fairly rapid population losses within 6 months.
Without significant new content or a more appealing cash shop, I think this game is doomed. F2P simply pushes doomsday out a bit.