The only thing that you really lost on your existing characters was that they can no longer quest in regular qp areas. You just rented them. All characters that you create from now on will also not have VIP benefits.
Originally Posted by Boomthor
West Gondor and all of the regions coming later this year and possibly next will cost non VIP tp. However, it would be cheaper just to buy those permanently along with the rest of the lower level regions.
The only reason that I would think you should get VIP again is if you would like to PvP on your regular character, which pretty much requires VIP.
Withywindle characters-Caesaran (warden), Dernudan (Lore master)
Brandywine characters- Dernudan (champion), Denthur (guardian), Delphinianic(captain)