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They've even said it wasn't a F2P model, so you're right it is an unlimited Trail account. With that said.....That's not the point of a free to play model. The point of a free to play model is to give the game to a player and have microtransactions. It takes trust from a developer that players will pay for little courtesies that aren't necessary to play the game, but make it more fun or convenient.
What you're describing is a trial account.
Hopefully Broadsword follows a successful free to play model and not what you are describing.
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My thoughts on the forthcoming of the Endless Journey.
Do I think it will be beneficial to UO? Maybe, it depends on perspective, and how you prioritize or quantify positive benefit. I think it will let Vets who've left the game check out the changed since they left and a small percentage will subscribe, but any genuine new players are going to continue to be rare enough we could consider them second cousins to Sasquatch, Champ, and Nessie. Why? Because if you haven't figured out if you like a game after 2 weeks, what would make you think extended time in game will change your point of view.
I also feel that if the rampant scripting in the game isn't addressed now, if multi-boxing isn't addressed now, then the impression given to anyone who ventures back into Sosaria will be one that confirms their choice to stop subscribing months or years ago. There is only one opportunity available to make a good impression on any returning individual, and it looks like they are going to in many ways blow it. I will say those script farming, gold, camping IDOCs etc will enjoy the Endless Journey, it means they don't need to re-roll characters every 2 weeks, and while multi-boxing is being declared bannable on sight for EJ accounts nothing has been said about script bots.
What would I do personally if I was making the decisions? Use this as a stepping stone or a milestone towards an actual F2P conversion. Provide Micro-transactions unlocks for everything that is being restricted. Just do it intelligently, if you want a house sure that's $4.99 worth of Sovereigns for a 30 house licence for home up to 12x12 size $7.99 for anything larger, or you want a Bank Box that's another $3.99 a month, a boat $3.99 per month please...etc make it so to unlock everything subscribers get would cost roughly 1.5x the cost of a subscription. Give subs a Sovereign allotment monthly to buy vanity items with or other store items to keep them from just piecemeal buying the aspects of the game they want.