Runes of Magic was the only FTP MMO I've played that came close to a decent AAA title when it came out (what, 5+ years ago?), and ironically it was Runewaker that completely fucked it up with expansions by putting more and more emphasis on the cash shop until the game reached a point where it was impossible to play and raid end game without shelling out serious cash. It will be interesting to see how the Dragon system plays out and so far this game sounds like RODE Online 2.0 (with similar looking Dragon mounts/Dragon system).
I seriously doubt this game would succeed with a Sub and right now they are touting FTP with a CS. If it's like PlanetSide2, I could easily live with it. If it's like Chapter 2-3 Runes of Magic where Runewaker forces its player base into the cs just to create the items needed to play endgame, I wouldn't go near it.
I'm a sucker for flying-based mounted combat/pvp so I'll keep my eye on this and give it a try. The combat and animations in this game look absolutely horrid though.