More details:We're excited to be expanding the EverQuest experience by making the game more accessible to every type of player so that you can choose to play the game in a way that suits you best. Anyone who wishes to start, return or continue to play one of the "Best Games of All-Time" can simply download and play EverQuest on their terms – think of it as Free to Play, Your Way. Recurring subscriptions, non-recurring subscriptions, Silver or Free memberships, item unlockers, and more. The game will now be setup to be flexible so that *you* can decide how much to pay, based on how much fun you're having.
Producer's Letter
http://www.everquest.com/free/
Now my opinion is with a lot of others: Vanguard should have gone F2P before EverQuest, but I will still probably check it out since I never really played the original EQ. We will see whether this hurts the game or makes it better.