I will definitely play SWTOR again if it didn't have monthly subscription fee (even though that means I'd need to buy expansions more frequently, which would replace major content patch updates).
The game would improve socially, because more people would be around playing (since they don't have to have a second thought about coming back to the game because of the subscription fee). Also, with the number of servers that they already have for this game, I imagine it could be good for them to utilize their resources anyway.
On the other hand, I don't think SWTOR will go free until a few months after 1.3 comes out, at which point they probably hope to have juiced some more subscription fees from players. Or, that "a few months after 1.3 comes out" would be when Guild Wars 2 and MoP come out anyway, so that may be the time to go free.