I agree with most of what you said. P2W is all perspective. So it’s subjective. I think any MMO should have something that requires you to at least spend 10$ a month, or more importantly want to spend the money on. People often use Whales as a bad thing, and in a way it is, BUT if not for people spending money, the game would be shelved. If someone wishes to truly play the game w/o ever spending a dime to support said game, then I have really no respect for them. I know, that sounds controversal.
There’s two sides to the coin. The Whales, who spend lots of money and the F2P’ers that cry P2W at anything remotely close to making them feel they have to spend a few bucks. I’m in between. So far, I have yet to find anything on the TP shop I must have. But I have no issue buying stuff to support the company. shrug
(This includes the new Gacha boxes.)
Edit: I feel this way, because this is the first F2P game I have ever stuck with. I generally do not like F2P games nor their community. However, I enjoy TOS enough that in most cases I’ll put up with this horridly immature community and just endure while trying to remain quasi neutral.
Edit #2: For those waiting Lost Ark and Revelation Online. These two games, specially the latter are highly P2W. (I have experience with the latter)