1) The horse was beaten to death before he could find its free lunch.
2) In Soviet Russia, horses play free games. Sorry guys, but Comrade Stalin is dead.
3) In Capitalist America, horses will be beaten or starved to death if it considers the idea of free stuff.
(I am not sure I am making sense - may be I am reading too much absurdist humour)
And now for something completely different.
I don't think F2P is a failure in and of itself. There are some F2P plans that run along side P2P that I appreciate, in fact, because they are designed to curb RMT. If that were the goal, I'd be all for it, because RMT drive me bonkers.
But MMOs have to make money, so there's no such thing as a free lunch. Fundamentally, F2P MMOs that sell shortcuts and premium gear for a living will always be about paying to win rather than succeeding in the game by playing it well, and it's not what I want to spend my entertainment dollars on. Furthermore, this type of model usually doesn't have a lot of money for new development since cash flow is unpredictable and unreliable, so you're looking at a very stagnate game that never really changes or has new adventures to look forward to.