Yes, the rumors are true. SWTOR is going free to play (F2P) in August. To compare the features of free to play against a subscription, check out the link here.
With a change in the business model coming so soon, it makes you wonder how long they have been working on the F2P model? I would say since last quarter, which would coincide with the first round of layoffs at Bioware.
http://torsyndicate.com/