I was excited until I saw the actual game play I lost interest. It just doesn't look like it'd be fun to play in my opinion.
As far as the payment goes I think something like TERA is great. The game started out subscription based, but later went free to play. It has an optional $15/month subscription that makes the game more convenient and helped you make better use of the time you spent in game, but it doesn't give an unfair advantage. It also has an item shop, but unlike most MMOs it's not pay to win. You can buy pets, costumes, name change, race change, and enchanting supplies (yes some people do buy this and sell it for gold, but it doesn't ruin the game).
I think a model like this is good, it generates revenue and it doesn't ruin the game like many Cash Shop based games do.