I'm not going to complain too much about 400 pts/month. It's like getting a couple new costumes a month. :D There's also the possibility that prices on items will drop. That seems to the be the opinion of people who've seen other MMOs that transition to F2P.
However, I disagree with the assessment that LTS members shouldn't get anything more than monthly. First, there's the fact that there are some LTS people who recently bought them. Second, LTSers, even those who bought early and have broken even, demonstrated exceptional goodwill toward Cryptic and provided them with an incredibly useful infusion of capital that likely helped fund much of this game's early post-launch development. Additionally, given that investment, it stands to reason that LTSers make up a significant portion of the game's strongest support. Keeping them happy by giving them a little more will go a long way in maintaining the game's audience as it goes F2P.