The debate is still ongoing for that Snow.
The industry is looking at Swtor at the moment. If the subscription model works there, then the AAA MMO industry will likely stay with a subscription base, with cash shops of course. If SWtor doesn't get the massive income it needs from subscriptions, then we'll see the industry move to the Freemium model.
WoW's buisness model is where everyone was looking a few years ago because it was proven to be highly profitable, the problems arose when failed mmo's like SWG and Conan were not able to reach sustainable profit levels with subscriptions alone.
To digress a little, its important to note that the AAA titles have a very large initial investment, which companies need to recover ontop of recurring and improvement costs. While I'm not privy to income statements for AAA titles that went F2P, I'll speculate that they weren't actually losing money in recurring costs based on thier subscriped bases, but they were not make enough profit to recover sunk cost and to justify continued developer time.
Putting a game into F2P mode does two things. First it removes the sense of entitlement that gamers seem to get from giving a company $10-15 a month. Second, the cash part of the F2P model allows the company to get a direct payment for ongoing development; like getting paid 'piece meal' for production instead of on salary. The harder and faster the team works, the more income the company makes.
If Swtor can prove that the WOW model of subscriptions and paid expansions can still work, that won't kill the F2P market, because its actually possible to push out F2P quality games quick (do a search in Asia for F2P games, there are 1000's of them), but it will solidify the AAA game sub model.
Now, imo, will Swtor sub model work? Republic isn't a standard MMO, its more of a movie experince and they have a huge fan base of players that aren't the typical PC gamer. Undoubtably Swtor will open with huge numbers as THE most anticpated mmo to date (If they were smart they would offer 2 and 3 year subs out of the gate, but that's not really the point here). If these non-typical players are movie goers, they are used to spending more than $40 a month on tickets, so a $15 monthly subscription probably looks like a bargin. The vetern MMO player will just accept that as the standard fee. So really, yes. I think it has a good chance to succed in the subscription model.