The restrictions for free players doesn't seem that bad, honestly, aside from restricting wearing certain equipment, which just seems kinda dumb to me. If they wanted to do that, they should've restricted the content that drops said gear. It's nice that I'm allowed to play the majority of the game though.
For an MMO; they're horrific.
Dungeon and PvP instances per week: Rubbish. Heaven forbid I actually want to socialize on an MMO by participating in Group Activities more than 4 hours in an entire week. You know...like every other FTP MMO out there. Not even Nexon or PWI are so stingy as to go 'Yeah...pay money for PvP please.' (And those are some of the 'worst' cash shop systems I've seen.)
Sprint, Mount, and Revive Restrictions: Rubbish. Say I want to get into the game with a friend who subscribes. They make a Level 1 alongside mine so we can play together. The game is going to suck for them because they're having to do so much waiting both due to my crappier travel time, later mount acquisition, and if I die too often it'll take longer to get back to the area of importance. Heck even 'slow to change in the QoL department' Blizzard finally realized 'Hey; escorting a mountless character sucks. Here; have a two-seater.'
Cannot Equip Highest Tier Items without paying Real Money: Absolutely positively 'What the #*$(#)@# were you thinking!?'. This is what we call a 'pay to win' game. Which is also called one of the fastest ways to kill your MMO. Free players literally cannot have higher stats than the paying players. Not even Korean MMOs are making that mistake very often these days and they used to be the prime point example of the 'grind for years or pay $20 to win everything' micro-transactions.
I could nitpick a few of the other FTP restrictions but those three alone are pretty much high tier cardinal sins in their own right. Now keep in mind; I'm not saying people don't have the right or can't enjoy the game as though it were KOTR III. But this is an MMO; you don't try to run it as such and gut the very reasons people play MMOs to begin with. They're going to have to make some serious changes to make me even consider trying this out F2P. I might try a subscription is money ever falls into my lap but I don't see that happening until well after Christmas. XP