Ruined.
No but really, EVE has been designed to not be f2p like this.
With their current model that they are planning it really changes the game. For example, you can make lot of ganking/mining alts or bots for free. Market alts etc that will ruin economy and everything else.
Even if they would take all access to market away from f2p accounts they would still make dramatic change to trading. Locking security to green on free accounts might solve ganking issue. but they still could be used for scouting etc and on nullsec fights.
It would basically turn into somewhat what HnH is. Way too many alts, and that many alts in eve would ruin all gameplay. Trading, pvp, economy, pve, everything would be completely ruined. Sure almost everybody playing eve already have multiple paid accounts and chars. But this gives ability for everyone to play with 10 clients open
Also those who want to play it for free will soon realize that skill limits to f2p accounts limit you so much that you pretty much have to buy subscription if you want to do anything else than mine with crappy ship or shoot AI.
There is also huge chance that it will be invaded by people that dramatically change quality of the community. I'd say that eve community is one of the best ones in MMO games. Turning it into f2p like this might ruin it.