It's concerning that EA, as usual, is choosing their own path on this rather than adapting.
EA is not forging their own path. They are being methodical as usual. You have to put aside how crappy they treat the Mythic games. As much contempt as EA has for us and we have for EA, EA is pretty on the ball as far as the gaming industry.
They are creating a f2p game centered on Warhammer, albeit not an MMORPG. Even if you think it's a response to their concerns over a Warhammer 40K MMORPG that's coming out from another studio, they are putting the effort into it. Nobody really believes it's going to help the current BioWare Mythic Warhammer MMORPG as some in EA claimed - the time for helping that game was shortly after launch. I fully expect there to only be one server for Warhammer by this time next year, assuming that it's still around. But it's a testbed for them.
They have plenty of f2p games/content that are not MMORPGs, and they have fully embraced social gaming, downloadable content, mobile gaming, and all of the other industry buzzwords that are tossed around. I would even go so far as to say that EA has embraced all of the "new" types of gaming - mobile, DLC-oriented, social, f2p, in a way that nobody else has, and has invested more money in those "new" types of gaming than anybody else. EA spent $750 million on PopCap alone.
The fact is, there is no money in EA putting the resources into transforming UO and even Camelot into f2p. Warhammer - I'm surprised it survived Star Wars' launch, but from what I see in game and read on their forums, I can't see there being enough money to sustain it, not when there are so many big games coming out over the next two years.
As GalenKnighthawke said, EA would first have to fix UO (and Camelot). If they won't fix those existing problems when UO (and Camelot) are making profits, they won't put money into fixing those problems and then converting those games to f2p in the hopes of making more money.
Look at Asheron's Call - the developers said they would like to convert it to f2p, but they ran the numbers and it wasn't going to work out - too much of a cost to convert it.
If EA though there would be a huge increase in profits from UO/Camelot going f2p, I believe they would have overlooked their aversion to Mythic games and done what needed to be done.
And you mention EA not embracing F2P with Star Wars - do you honestly think they didn't have dozens of people who make a lot of money crunching the numbers and doing all kinds of market research and industry analysis to determine what was best for Star Wars?
You ignore one key problem with Star Wars: Emperor Lucas demands his tributes in the form of money flowing into his vast bank accounts. It's much easier to work from a subscription model when you know you have to send X amount of money to Skywalker Ranch or whatever compound he's holed up in. Lucas doesn't like things with the words "free" in them as well.