As former subscribers you will be considered Premium in the new system.
Despite this you still have to pay for access to all the content you used to have access to as a subscriber.

Apparently there is quite a bit a fuzz over this among players as they feel they are being duped.
Allot of players are under the impression they are being asked to pay for some thing again that they already paid for once.

More info here
I for one feel this is wrong, as those players already paid for this by not only buying the original pack, but also paid a monthly sub for new content, maintenance and so on

I figured I would give everyone a heads up, just so you dont start wondering once you get ingame.

Uhhhhh.... I'm not sure what you mean. When you were paying a monthly fee, you were renting access to the content. We never owned access to it. They are now giving us rent-free access to the whole world, as well as all quests in the zones for players lvl 20 and under, and the epic quests all the way up.

You do not have access to all high level quests for free. You do have access to all areas on the map, except for those that were only ever available by an expansion.

If you want access to all quests, you can either subscribe, which is like renting access, or buy the quest packs for the areas, which is like buying the content. It is available to all characters on your account as long as the game is running.

There is a good discussion at MMORPG.com about which way is actually cheaper to go. One guy was posting that he bought all the quest packs and removed the restrictions form his characters for 99 bucks worth of TP. Paying monthly that is about half a year of fees, and he can play forever... but he still won't be able to do monster play or quick-travel. Still, it doesn't seem like it's a terrible deal to go that way if you want to play the game a while.

We just bought a few copies of the Mines of Moria collectors pack off ebay for 11 bucks. That gives us perpetual access to the MoM content, as well as a month of VIP... which will remove the caps from our characters created on free accounts.

The screenshot from a player in this post clearly shows that Turbine are not keeping their promises.

The screenshot clearly shows part of an email promising access to all of Volume 1 of the Epic story as well as all pre-Moria quest areas for free.

This are for premium players with a former subscription of the game, not F2P newcommers.

That dude is full of shit. Did you read that post? Why would content not included in the purchased expansions be free? The content from the expansions is free, the content outside it also free - WITH A PAID SUBSCRIPTION. That part in caps wasn't on the old info because it was implicit... You couldn't play the game at all without paying the monthly fee. VIP customers STILL have access to all pre-moria zones without purchasing the quest-packs.

It's funny, no one felt ripped off 6 months ago when they couldn't access this stuff they had already paid for without paying a monthly fee.