It appears that EA plans to offer two different options for players, the base “Free” version and then a Subscription option. Those that opt to not pay anything will have full access to all class driven story content up to level 50 but will have limited access to some areas and be completely restricted from doing any of the games “Operations” (SWTOR’s term for Raids).
EA did say they would introduce a new currency called Cartel Coins, which players could purchase with real money. This currency will be used to remove some of the restrictions imposed on F2P users but no word as to what yet exactly. Besides removing restrictions, the currency will also be used to purchase in-game items, gear, and other standard cash shop items. Unlimited access including higher-level content and new features will be available through a standard subscription option.
Check the official SWTOR site http://www.swtor.com/free/features for the full list of subscription vs. free features and let us know what you think of them in the comments below!