Subscriptions don't work in MMO's anymore, WoW's success is rare... and even they are starting to feel the effects of subscriptions not working anymore as they lost millions of subscribers.
I would prefer they do the Guild Wars 2 model myself, buy in-store with micro-transactions on top. As long as they keep the micro-transactions balanced, and offer some way to earn them in-game too it could work well. MMO's don't last forever, and you don't need everything that is in an MMO like a single player game.
Doesnt work? You guys should be happy Anet did a game for you guys, dont expect it to change anything at all. Rift is still sub based game after 2 year, TSW, Darkfall, SWTOR, it works and it still the best for us players and devs.
Only thing I'd change nowadays is to give some discounts / veteran rewards for longterm players. IMHO they need them. I bet they get shiload of money if they offer pre-launch / first month offer 50-80 bucks a year too &--#60;-- those people who pay full priced game, kinda deserves discount.