Don't want to dig around, hopefully the next poster will be less lazy than I, but, from what I know the main difference between F2P and P2P is that:
You'll start with "vanilla" LOTRO, which means you will not have any of the expansions in the beginning. You can buy the expansions using Turbine Points (and I've heard it's possible to get as many TP as you need to get all the expansions free by just doing things in-game, not sure if this is true tho) which will give you extra content, and raise your level cap. You can also use TP to get character slots, and a bunch of other things.
There are other differences, but that's the main one, I think. If no one responds with a better reply than mine any time soon, I'll do some research and find out the exacts for you.