There is one other difference - you can't have as much storage space with a F2P account (No Pack Mektoubs - just the mount and the Apartment inventory can't be accessed either.
So, what's the advantage for P2P players?
Able to visit regions - none, though it's easier in the higher regions for higher levels
Usage of ring (if it'd work) - more items can be used as there are level restrictions on entities.
Attacking Outposts - there is a level restriction (depending on the outpost) for who can initiate the attack (F2P can't initiate an attack on OPs in 200er and 250er regions), but anyone can participate in the battles
Wearing dropped armor by the bandit bosses - definitely as it's Q200 (and the one crafted by players is usually at least Q220)
Crafting HQ armor - you'll get the plans for HQ armor of any kind with level 150
Racial spells - none, they're available at lvl 125
That's everything I could think of right now that's a (partial) advantage or seems to be one on first glimpse.
So, what's the advantage for P2P players?
Able to visit regions - none, though it's easier in the higher regions for higher levels
Usage of ring (if it'd work) - more items can be used as there are level restrictions on entities.
Attacking Outposts - there is a level restriction (depending on the outpost) for who can initiate the attack (F2P can't initiate an attack on OPs in 200er and 250er regions), but anyone can participate in the battles
Wearing dropped armor by the bandit bosses - definitely as it's Q200 (and the one crafted by players is usually at least Q220)
Crafting HQ armor - you'll get the plans for HQ armor of any kind with level 150
Racial spells - none, they're available at lvl 125
That's everything I could think of right now that's a (partial) advantage or seems to be one on first glimpse.
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