yep, the barrier to new (I mean truly new, not returning) players is the age of the software and SE's decision not to modernize it. it's their decision, I'm not going to argue it because I don't have their data. would the loss of PS2 players cripple the financial model? idunno Would the cost of a redux of the graphics engine prove higher than anticipated revenue? Idunno would the current playerbase support a redux that would likely require buying the game again? Idunno would the loss of dial-up support kill the revenue stream? Idunno
And that's just the stuff I can think of off the top of my head in 30 seconds. How does F2P address any of that? that is putting up the $ without back-end numbers. BUT I can tell you this, if you can just buy your way into top end-game form at least 70% of the players that I know personally are GONE. We didn't put in all this time and effort just to see some noob a**wipe come in and be playing with stuff at least as good as ours.