I've been f2P the whole 2.5 years (mostly because I'm a broke student) but I've been able to get all the expansions and some of the quest packs, plus other stuff from the in game turbine store.
One important thing to do is to wait for the expansions and quest packs to go one sale. The sales change every Thursday and you can check it online or in game (sometimes it takes a bit for the new sale to show up). Depending on what you are getting, you can sometimes save over 100TP, meaning you can spend less time farming and more time gaming.
A warden of Lothlorien meets up a with a rune keeper from Lindon and a friendship is sparked. An elf hunter from Mirkwood finds a minstrel mourning the loss of Edhellen. A captain of Rohan rides to Bree and comes across a burned farm, the only survivor a young woman who'd defended herself with a rusted sword and axe. Thus many adventures begin.