As for the P2P vs F2P, seems the argument isn't if TESO is a good game, but why is has a sub?
Still none answered to my question.
Traditionally, the sub was to pay for the upkeep of the servers and bandwidth costs, as back in the 90's it was a significant amount. Unlike other multiplayer games then, an MMO's servers needed to be up 24/7 around 99% of the time. Also, nobody actually thought of having a f2p model supported by in-game purchases as nobody actually thought people would pay real money for a digital item - that took off big time with EQ and the buying of platinum, its in game currency. Someone in our guild made an awful lot of money selling plat on ebay after discovering a dupe bug.
Fast forward to today and we have companies like King.com making hundreds of millions off people paying for digital goodies and Asian companies launching f2p MMO's left, right and centre. The sub based MMO seems rather antiquated especially as server & bandwidth running costs have reduced significantly.
Personally, I see the sub as a money grab for most of the WoW clones - they know their game is shallow, but that they are going to get a big pile of $$$ for the first 2-3 months of subs which helps them turn an overall profit, then they go f2p.