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Having 1 semi-decent mmorpg doesn't make the whole F2P look any better.
Considering there are hundreds of F2P's you can prolly count the decent ones with just the fingers in one hand, which doesn't make the whole F2P industry good at all.
Btw, mabinogi is not the average mmorpg...you really have to enjoy that kind of games in order to play it...which we could say is not the case, it's not a very populated mmorpg.
On the other hand, when i refer to F2P's i usually referto the ones with big companies behind of them, i love indie projects or games made with low budget...it's not easy to make a mmorpg and yet these small projects put a million times more effort to make a game than all big companies together. Look at PWE for example...they make a few tweaks and release again the same mmorpg...it's really dull...Jade Dynasty, Ether Saga, LOMA...completely ridiculous, and yet they are one of the most rich companies.
i aggree with you that you can count the good f2p on 1 or 2 hands