Could EVE Online go free-to-play?

When EVE Online was released in 2003, the subscription model was the dominant business model for MMOs. Subscriptions have dominated Western MMOs throughout most of EVE's reign, but in the past two years we've seen the market push toward alternative models. Although the Incarna expansion controversially introduced a cash shop for cosmetic items, EVE Online has remained a subscription MMO in the face of tremendous market pressure to change. Although CCP plans to use microtransactions heavily in World of Darkness, and DUST 514 will not have a subscription fee, no plans to significantly modify EVE's current business model have been announced.

There's no sense in trying to deny it: The market is changing, with microtransaction-supported free-to-play games producing far more money than subscription titles. Hybrid models that give players the choice between microtransactions or a regular subscription have turned the industry on its head. When Turbine first implemented a hybrid model in Dungeons and Dragons Online, not only did profit shoot up from the free players but subscriptions rose. When the studio gave Lord of the Rings Online the same treatment, profits tripled almost overnight. The money is firmly in microtransactions, and it would be disingenuous to assume CCP won't chase that kind of financial reward. But could EVE even support a free-to-play business model, and what alternatives are there?