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i'm not advocating anything, but please realize that there's a team on valve working on TF2, and that requires money. if TF2 retail sales aren't enough, only sensible thing to do is opening an ingame shop. if you have an ingame shop, the only sensible thing to do is going F2P. believe it or not, going F2P didn't kill the game, there are still people out there playing only the game and not giving a damn about hats, achievements, whatever.
also, check this: http://wiki.teamfortress.com/wiki/Template:Major_updates_nav
though 2012 seems weak compared to previous years, both pyromania and MvM brought different game modes.
edit: lmeaphawk, answer to your question is hidden here: because retail sales weren't satisfying enough.
So F2P is the way to go.