I can only speak to the P2P aspects, haven't tried the F2P since I left so take my comments as you will...
The starting zone is great, beyond great. It sucks you right in. After the starting zone, the game's PvE aspect takes a direct nose dive right into the toilet. The quests become stale, unimaginative, and pointless grinds. Fortunately, the PvP makes up for some of this. This is one of the few games where I found PvP to be more fun than PvE.
All in all, I say, "try it because it's free" but make no final decisions until you're well past the starter zone.