I'll copy paste what i posted in the mmorpg recommendation thread...
I'd recommend LOTRO because it is a very well made gaming experience but keep in mine that after lvl 25 you don't receive any more quests unless you use turbine points (item shop currency) to buy the quest lines. Yeah you could do the instance-like skirmishes all day to level to the cap...but it's hella boring.
Other things aren't available to F2P's, like selling on the auction house, stat slots, extra storage space...etc
It's an excellent F2P model in that it allows you to experience up to the first instance in the game but doesn't allow people who don't pay for the game to play it without a serious handicap.
It has the best crafting system I have ever seen...in which it is actually very useful and profitable.
The only way to gain turbine points in game is to complete challenges...usually 5 or 10 points per challenge. I was able to get a horse by lvl 20ish. SO I guess you could grind out new characters to rack up points...as once you buy a quest string it stays with that account, but that would take ages.
The cheapest and best option is to buy the Mines of Moira collector's edition...it comes with 500 turbine points and a month of subscription...meaning you can do any quest for a month. It's only like $15 bucks now adays.