There are two possibly results of this:
1. The items turn into less than fluff, and become a "surcharge" for playing the game. In this case, I'll vote with my dollars and go elsewhere. There are a number of games out there that would love my business and don't require any sort of "surcharge" for play aside from the monthly fee.
2. The items remain fluff, and the revenue generated from this allows SOE to add more developers to the team, thus enhancing my enjoyment of the game. I continue to vote with my dollars by remaining a customer, and not giving a crap if the dude standing over there has glowy red crap around his hands.
The second these items become more than fluff items, SOE loses my respect and my patronage.