Perhaps. You might see some influx to the MMO with the upcoming release of the new film or Red Sonja, so it might get a decent population to work with and thats really the backbone of what makes any MMO "worth it"
[I would argue though, that your friends logic is pretty flawed. If you had to pay to play the classes were never free.]
Honestly... I think failed MMOs failed for a reason. Usually poor design or lack of content. I cant speak to conan because i have never played it, but I could have played it. I have had the ability for 3 years and I have never been compelle or found a compelling reason d to do so. I figure most people look at it much in the same way, so I would think its not really worth the bother.
With new major MMOs coming out like ToR and Guildwars 2, DCUO getting a major DLC, Rift getting an expansion, A dozen or so new niche MMOs on the horizon and hell even the relaunch of FFXIV, all of which offer more compelling reasons to play an MMO than Conan does. Thats my opinion at least. Take it for what it is worth.