I'm a fan of P2P, but most people who are rabid F2P lovers either can't stick with a game or do not realize that they spend a lot more in micro-transactions than they would with a monthly fee
I'm sure people are smart enough to realize that. The money is never the issue. It's accessibility. Coming back after months and still being able to log in without paying. Getting your friends to try it out without any initial commitment. The wish to be a "casual" gamer instead of a hardcore one who feels obligated to play to get their money's worth. The list goes on.
It's pretty risky when all of your competition is F2P or B2P.