If I read their F2P FAQ right, this is technically a price increase, as if watching my friends grinding in-game currency was any indication, you either spend countless hours grinding in-game currency to unlock everything (and never getting ahead because heroes get released constantly) or pay more than you would have before to get the same features a legacy account gets for life. It all depends on how much everything that was previously free is now priced at, and how much time it takes to afford them.
I feel that it's a good business move on their part, the people who would never pay for the game increase their userbase while possibly becoming a paying customer, and the future paying customers now put more money and/or time into the game than they would have under the old price model. I'm not sure how happy I am about this from a gamer's perspective (although, if anyone really wanted to play this game before, they could have gotten in on any of the countless $10 sales they had in the past).