Here's the scoop on the story: TERA goes F2P in Feb.
Here's the official page and announcement video. TERA:Rising
I gotta say, i'm really happy they went this route and are enriching the experience for subscribers and not uber-nerfing the game for free accounts. If you haven't tried the game out yet, I highly recommend it. It doesn't really do much in the way of breaking the MMO quest mold, but the combat system and graphics are second to none. I haven't played for a couple months, but I wouldn't be averse to patching up to show people around who were interested in checking it out.