There's nothing wrong with F2P. It is an excellent model that is simply abused as traditional "purchased" games are. The AAA games released this year are a shining example of bait n' switch and empty promises.
If anything, had purchased games like Destiny, Watch Dogs, or Titanfall been F2P games, a lot less players would have felt swindled by the misleading marketing and overhype.
Say Destiny was F2P. You start with only one character slot and couldn't purchase color pallets or loading screen ships with glimmer. Would you really have felt the urge to drop money on an online only game that didn't even support general chat in towns or trade among players? Would you really have grinded through the one zone of each planed and thought, "Oh boy, I need to purchase another slot so I can play through the exact same thing with another class!"? Would you have spent weeks hoarding your epic engrams, had them decoded into green gear and though "I totally want to go buy some more engrams off the micro-transactions market!"? No. You'd have laughed at screen, maybe posted something negative on the forums, and then go spend your money on something actually worthwhile.
Say Watch Dogs was F2P. You load into the game and immediately notice the graphics aren't as advertised. After doing some research and finding out that the graphical downgrade was intentional, would you then want to go purchase new outfits and vehicles from the shop, or would you uninstall it and think "WTF? Good thing I didn't spend $60 on this."
Yes, F2P games mean monetization has to be built into the game. But you know what it also means? A developer has to make sure the game is good enough that players will actually feel the DESIRE to spend money on it. Rather than just take your money and run away giggling, they have to stand there and either watch their work take off, or crash and burn because they didn't do a good job.
I feel that whether a developer overcharges and exploits micro-transactions in F2P games, falls into the same genre of ethics of whether or not they overcharge and exploit DLC in pre-paid games. Some people get into an industry just to make money. It's only that the gaming industry is in a state where there is no over-site or moderation that prevents false advertising or exploit of the consumers. Sure, you vote with your wallet. But who steps in when you don't get what your wallet voted for?