I do enjoy this game, let's make that clear. Just because I put negatives just means I'm being honest, as no game has zero negatives. So here goes...
The gameplay is pretty much the same as wow or swtor, while the story is all text. It's click the response bubbles to progress, unlike the old style Hail them and try to guess what to say or look it up online. Nothing wrong with that, as it's a huge leap forward from the first eq. In fact, everything that felt inadequate or annoying from the first game has been fixed while still keeping the same overall feel. You can actually get a feel for what will destroy you vs what will be a good difficulty for your gear, at least after a little trial and error as you change between different expansions.
As far as the f2p experience goes, it starts to noticeably suck after about lvl 80. the forced 50% exp to AA (skill point system) seems fine at first, but then you finish all the areas with quests that aren't grey (too low for EXP), and still lack the lvls to start more. When I ask the ppl for advice, they say get a mercenary ($24 unlock) or subscribe ($10-$14 / month) which completely contradicts the point of a f2p game. Also the lvl cap is 92 as f2p vs the 95 for subscribers. All of the overpowered gear for 92 is also in ToV, which you have to buy. Buying expansions isn't exactly bad for a f2p, but when it hinders you so badly that you feel forced to pay, it is a bad thing.
The only thing that makes this lvling system work is the incredibly useful mentor system. Long description short, you can lower your effective lvl for as long as you like, either to your groupmate's or a lvl you specify at a chronomage. This means you can go to an area you might have skipped, or to a dungeon you couldn't solo with the gear you have now and wail on the enemies there while still getting exp.
I've played a lot of f2p games, and I even quit playing this one for a while. The trouble was that at about lvl 30 (or earlier depending where you go), the quest help just stops. It doesn't show you where to go anymore. So, then you have to download a mod, EQ2maps just to find quest locations, but even that fails sometimes. After playing all of the other promising games out there, I came back because it's still the best one. The community is by far more friendly and english oriented than other games, the story more in depth, the features more unique. The only thing that really disappoints me is the character classes. basically, the ones on the left are the good aligned version of the ones in that row, except for channeler and beastlord, which you can't play as f2p. There are minor differences between them, such as illusionist having wizard spells + another you as a caster pet vs. the coercer being a wizard with a charmed pet that you have to constantly re-charm. The warlock is the evil version of the wizard, but it's a necromancer with no pet. So, don't listen when the game says it has X number of classes.
Like pretty much every other MMO, if you don't have a friend or 2 to start with, or if you aren't the type to join guilds or good at getting groups together, you won't have fun later on. Nobody uses the group finder because they just use a merc. If you are sociable and like to be in a helpful guild or have real life friends to play with, then you'll really dig it.