Yes, selling access to real items and such for real money would be horrible, has ruined many a silly free MMO, and SE is likely not that stupid. However, I have to wonder why any step into the world of Micro Transactions for vanity stuff is viewed as the result of pure, distilled evil.
Yes, I get that we should be given access to the entire game when we supposedly pay for the entire game, and in theory the people who try and resell you part of the full game are evil. That is not necessarily how it need be though, and it can be difficult for people outside to tell the difference.
When a company looks at what they want to make for their game, both during original development and continued development, there is only so much time, money, and manpower. Even for a company with ridiculous resources, it is simply a truth of the world that there must be some $X to work with. So you prioritize. Say they have enough resources to get the Pink Fedora of Fluffy Cute out with the original release, and can justify making the Pink Bow-Tie of Fluffy Cute for some free patch in the future. There may still be a guy putting about the office talking about his Pink Top-Hat of Fluffy Cute he really wanted to get into the game, but now the resources of the company have been redirected towards making some new instanced content or somesuch. Perhaps, then, our lovely Top-Hat could potentially make it onto the schedule as something players could purchase in some micro-transaction where, otherwise, it would never have existed at all.
I am not naive, I know full well that there are people in the world who will happily sell you something, and then try and sell you the pieces he didn't sell you the first time so that you can get the "full experience." You cannot, however, just go about in a cynical, paranoid fervor acting like that is the only side of the micro-transactions coin.