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For the most part, I don't believe pure free-to-play buisness models are currently viable for what many people would call a fully featured high quality game ... With that said, a dramatically reduced feature set could many many free to play games viable.

To explain, the cost to create the content for a story driven single player game is too high and users consume it too quickly which makes it nearly impossible to generate enough revenue from ads to ever cover the cost of development. In contrast, with how often people play the same handful of levels over and over again for months, it is possible that a multiplayer FPS could be viable under this business model; especially if it was limited to only a handful of levels.