I used to play Vanguard a few years ago when it first launched. As a game, Vanguard had a lot of potential with its crafting system and card-based dialogue system that made talking to NPCs a lot more interactive than simply clicking "next".
As an MMORPG however, Vanguard seemed to fall flat with its high system requirements, numerous empty servers, and cavernous locations which made it difficult for players to meet and party up at a moment's notice. Despite being developed by the makers of EverQuest, Vanguard failed to live up to the promise of its predecessor.
Sony Online Entertainment has yet to give up on the game, and is instead extending the life of Vanguard by making the game free to play. The company sees the move as a big part of the game's future and the flexibility it offers players. Not being tied down by a subscription fee will certainly boost numbers.
Vanguard will be the next game in SOE's line to make the transition to AAA. It's not yet ready for it, but SOE says players can expect something similar to EverQuest, EverQuest 2 and DC Universe Online when the game goes free-to-play this summer.
I for one am glad they're making the switch. It might give me an excuse to return to my old characters.