Here is the full article, But I will summarize it in TL;DR and point form of the changes
"If anyone can play Guild Wars 2 for free now, does that mean we’re switching business models to free-to-play? Are we going to be one of those games that aggressively monetizes free players through microtransactions? Absolutely not. Guild Wars 2 remains the same game it always has been. We’re making the core game experience free because we’re confident that anyone who loves Guild Wars 2 will buy Guild Wars 2: Heart of Thorns"
"When you’re coming in as a new player to a game that has a bunch of expansions, what exactly should you buy in order to play with your friends? The base game and also every single expansion? We’ve seen examples in the industry where that kind of thing has gotten out of control. It doesn’t seem right, and we want to do better.[...] we’reonly asking you to buy one thing: the current release, Guild Wars 2: Heart of Thorns."
1. free accounts start with fewer character slots and bag slots than the paid version of the game. But they still get the full complement of slots as soon as they buyGuild Wars 2: Heart of Thorns.
2. free accounts have some chat restrictions and economy restrictions so that they can’t be used to disrupt the game for other players. Can’t mail gold or items directly to other players, trade gold for gems, or access guild vaults.
3. free accounts have some restrictions to prevent them from skipping ahead to places where they could be used to disrupt the game (lvl 10 before leaving starter area, 30 before using LFG, 60 before enetering WvW, and Rank 20 for Custom/Ranked sPvP)
here is a chart
I am actually pretty impressed on how they handled this F2P hybrid and it gets my mark of aproval. At first I was not too sure but now... (thumbs up and a nod). Anet has never dissapointed me since my early days of GW1 Beta Weekend 1