Are EQII expansions a square peg in the free-to-play model?

Last week's announcement of a new EverQuest II expansion was a surprise in many ways, but I think the biggest surprise of all is the fact that there is an expansion coming at all. The game has gone through many changes in both its update schedule and payment model over the past few years, so it's interesting to see the announcement of Chains of Eternity, EQII's ninth expansion. We've seen the transition to free-to-play, free content game updates, and with the most recent expansion, a move toward features and away from game content.