I'm not sure how to feel about this yet. It entirely depends on the content in the vanity store, and its pricing. But certainly, if I'm buying the game and paying a monthly sub, I expect to get all the content that's released. It's very cheeky to ask for even more money for the content that my sub is funding.
The point about SWTOR having a huge audience is apt too. There was so much excitement leading up to that game's launch. TES does NOT have a Star Wars sized fan base. I knew Star Wars fans who rarely ever played games who bought into that title at launch. The difference here of course is that SWTOR was a pretty bad game, whereas ESO is shaping up well enough. It certainly doesn't look like it will be revolutionary, but it's a good enough foundation to start with. If they can hold on to 1 million + players after the first 6 months, and keep them hooked with regular content, ESO should be okay. The scary thing is that most other big MMOs are either launching without subscription models (Guild Wars 2) or completely free to play (Everquest Next), and we've got shooters moving into the MMO-esque market (Destiny) without subs too. A lot of potential ESO players will definitely be put off by the price point of monthly subs when so much of the competition is cheaper. And that cash shop is only going to make things worse.