I actually really like sub-based models, even if it doesn't feel "worth it". A lot of the F2P games are just atrocious, even ones that they've converted to F2P. SWTOR is probably the most notorious; it's the worst model I've ever seen since they targeted quality of life aspects, and that should be the last thing you do. However, business wise it *may* be smart; I'd have to see the numbers on that, but I know when I went back to level up republic, I was tempted to sub for a bit because i got so frustrated just doing normal quests - not having a mount till much later, a reduction in exp gain + no rested, not being able to get all of the quest rewards, no bank etc. It was tempting, and I imagine that is their goal - to make it frustrating, because SWTOR's single player game I thought was really fucking awesome, and if you like it, you're probably willing to shell out a sub price just to finish that stuff.
Also, I tend to look at subs not as paying for content/patches, but as upkeep. Xbox live requires a sub, versus playstation (not plus) and it's the general consensus that xbox live is the superior experience.
The FF guy actually mentioned that he wants to keep it as a sub for awhile, because that means he knows what he can work with - you have a steady income, and don't have to rely on (mostly) ridiculous purchases from a store that tend to target only a small demographic. This seems a better way to pay for the relative "quality" of the game, not necessarily length and/or content. I always tend to look at wow patches as something I already paid for when I bought the expansion, and my sub fee the price I pay to ensure a team is keeping the game from breaking.
Unless ESO's end game/multiple player portion just utterly blows, I don't really feel bad about paying a sub price to play the game.
The quality of the game I think is pretty superb; not anything outside of the box or what have you, but it felt really polished over all, was really beautiful, and had a fairly deep and interesting class/skill system. If the sub price is what I am paying to keep a game like that going, well..
That doesn't mean I don't want content, far from it. I stopped both SWTOR and GW2 because of the lack of a real "end-game", so hopefully ESO doesn't fall prey to that too. I do however, think swtor had a lot of shitty mechanics and whatnot - they created a wow clone that just played worst in every aspect, whereas ESO is literally TES online.
We'll have to see, but the sub price is probably winning me over more than it is balking me from paying/playing.