I hate subscriptions with a passion, simply for this reason, non subscription games give you way better value for your $ and are not time limited, and if you buy games of serious companies, the continual support of said game is also generally broader and more significant, as it's not directed towards profitable avenues only(as in neglecting the less profitable aspects of the game, such as PvMP in LotRO's case). I bought Starcraft(the original, not 2) back in the day, like a year or so after it was released. You know how long I kept playing and enjoying it? Over 10 years! Now, if I had to pay a monthly subscription, of said 10$, I'd have to pay 10$x12(months)x10(years)=1200$ , instead I payed like 50$ for the original and 30$ or so for the Broodwars expansion. Now, obviously you won't play most games for 10 years, but even for a single year you're already paying more than double of what you would have for a normal game(120$ vs 50$). For this same reason I never got into WoW(also by Blizzard by the way, which I like and respect very much) but preferred Diablo 2 for example.
LotRO transferred over to the F2P model precisely to draw in people like myself, who hate subscriptions with a passion yet still enjoy MMOs and/or are Tolkien fans(which I am). Making this move, the game as a whole needs to adapt to this model, which it partially has already, but still requires some work. PvMP shouldn't be an exception under any circumstance. It's part of the game, therefore it should be available by alternative means(TP) since Turbine adopted the F2P model. How to price it is an entirely different subject, but that's a numbers issue rather than a conceptual issue(keeping it VIP only vs making it available for TP).