For those of us who already have the base game and Horizons, it kind of already HAS gone free to play.
Think about it, Frontier is moving away from the season model and likely instead selling smaller piece DLC’s in the store for future content. The store is currently full of cosmetics in various forms across the game and they are weekly adding more cosmetics for sale. This very much follows a F2P business model, just one which avoids pay to win DLC’s. So far at least.
Now the Lifetime Pass owners will be getting the content DLC’s automatically, this will happen whether the base game + Horizons remains for sale or becomes free to everyone regardless. So honestly, if Elite goes F2P and makes the base game + Horizons a free download for anyone, nothing else has to change. In many ways Elite is already perfectly placed to be a F2P game.
Now, what are the downsides of going F2P? Like Yamiks states, the largest negative is the influx of bad seed players. Open would be more salty than ever if the game went F2P, and I’d wager that Mobius would see a massive influx of players fleeing the new griefers flying about. However, there would also likely be a massive influx of good players too, people curious to try the game out, many of which would likely stick around and possibly even start buying stuff from the store as well. That’s Frontier’s positive for going F2P: new potential store sales on cosmetics and future content DLC’s from the people who haven’t been interested enough yet to pay real money for the game.
As a player I don’t think it would honestly impact me much at all if they went F2P at this point, as the game is set up pretty much like a F2P game already, just one with an upfront entry cost.