You will not have access to War Ships....I believe Light Ships only. You will not have access to Dagger, Grenades or Staff. You are limited to what quests can be done. Obviously this is done for a reason....they want you back as a full paying member. If basic offered close to the same options as a paid account, why would you pay? No funding....no updates....no game. We don't want POTC Online to disappear now do we.....?
Here's another related thread....
http://www.piratesonlineforums.com/f...t=basic+access
