Indeed lifers are Turbine biggest mistake. These most loayal players that should be base of income were turned into freebies.
I am going to respond to this because I have seen this sentiment expressed on the official forums a fair bit as well and it is unfair.
The fact is that most Lifers made a gamble originally and paid out a hefty sum of money to get the lifetime subscription with no guarantees that over the long run lotro would be a game they play longterm. In general they are not the kind of people who want something for nothing.
I am a lifer and got the special offer lifetime from codemasters around the time F2P was announced. It cost £75
36 months subscription (approx £8 per month): £288
Moria: £30 (can't remember exactly)
Adventure Pack: £5
The above is what I have spent on my account. My husband has an account which he has spent the same on and we have a third account for my mother which has been mostly premium (with a couple of months VIP) for the past year.
Just prior to the announcement of ROI I was considering buying my first points bundle - I held off until I knew more about ROI and have decided not to give Turbine anymore money until they start treating their playerbase more fairly.
At the same time most lifetime players I know are quite willing to purchase points when there are things they want to buy from the store on the grounds that they like to contribute to the cost of running and developing the game in exchange for some store fluff.
Lifers are most likely still a very loyal player base and while some may hoard points and spend them carefully I am confident that on the whole they are still a solid source of income for Turbine and should not be easily dismissed as 'freebies'.