Here's my two cents, make of it as you will.
There are currently not too many P2P MMOs out there, the big fish in that particular pond being WoW (which is ancient, and thus both heavily polished and positively dripping with lore/content) and to a lesser degree FFXIV (which is newer by far, but also very polished and with a sizeable amount of content). Competing in that pond would require bursting out the gate with a City-sized amount of lore and content on day one (also known as pretty much impossible) at minimum - anything less and most MMO players will turn their nose up at it immediately.
Second point, while we're all veterans of the true frontrunner of superhero MMOs, any new players won't see it that way. They'll see VO (and CoT, and SoH) as upstarts coming for CO / DCUO. (Pause for laughter, coughing, and possible short term unconsciousness from the combination.) If we're bursting out the gate with either a monthly or an up-front P2P model and with less content than either of those, once again, lambasted all over the internet.
F2P/Freemium is the best option here imo, and if anyone can do it right, it's us gamers. We know what P2W looks like, and other than gamers with more money than actual skill, most of us reject the concept outright. (Though I disagree with having powersets buyable is P2W, not if they're balanced against all others. It's cosmetic at that point, imho.) We don't want the SWBF2 lootbox nightmare, and I'm pretty sure most of us would burn the server to the ground if the Nexon model went into effect.
For me personally, if a game is P2P, I have to sit down and take a long hard look at what it's got going for it, why I'm gonna sink money into it, so on. With City... well, I jumped in when it was P2P because it looked fun, (no surprise) it really was, and I stayed premium even after Freedom because it was worth supporting. (I also bought almost all the cosmetic everything on my main account, and several of the boosters on my second account as well, because it was worth supporting.) With F2P on the other hand, I'll jump in and take a look - just a peek's free, right? - and then if I like what I see I'll stick around and find ways to support the game, usually with cosmetic stuff from the cash shop. (If there's P2W in the cash shop, I'm usually out with a quickness because yeah no.)