Yep, I've been following the news on and off since they first started discussing it a couple months ago. The F2P system is going to be highly restricted. No raids, only a handful of flashpoints and warzones per week, extremely limited character creation options (restrictions on race and visual customization), limited bag/bank space, and even limited hotbar functionality.
Yes, EA is going to lock out part of the UI for free-to-play customers, unless they shell out cash to unlock it.
So, if all you're interested in are the class stories, go ahead and play your chopped-up game.