Aliasalpha: So far the limitations don't sound so bad, might give it a go when I have bandwidth back next week
Nice matrix breakdown here of what the different restrictions are:
http://www.ddo.com/vip No actual level cap (aside from the natural D&D 20), though to get past level 4 requires a rune of sorts, which can be found in game or bought from the store.
Another good thing is, in order to move from a "free" account to a "premium" all you have to do is buy *any* points package, even the $6 one, and you get permanent premium status, which gives you 2 more character slots, unimited gold storage, and unlimited auctions among a few other things.
So if you like the game, you can spend $6 and get Guild Wars level perks. Not really a bad deal.