Unfortunately the F2P model does appear to be a way of sucking players in and then charging them more than a subscription based mode. It does allow for some MMOs to gather momentum though. APB was great fun and I subscribed after the closed beta and was very disappointed that it didn't flourish in the way it could. LOTR appears to be the reverse of that. I wasn't interested until it went F2P and after seeing that you need to invest quite a lot of money to get the 'Full' package I lost interest.
Microtransactions are an excellent way of offering 'extras' to a player as long as you offer more than a bare bones gameplay for the standard game. Allowing players to accumalate Wealth to purchase DLC sounds like an excellent move.