I've read through all the comments, and there are a lot of very solid points and justified anger. Money is a necessity for a site like this, and you just don't mess with people's money, especially in times like these. I personally see nothing wrong with paid cosmetic features, especially if premium currency has a method for awarding small amounts over time/effort (login bonus, holiday quests, etc.), but I think a serious game plan is called for here that revamps the premium system.
I don't want to spam the comments section, though, so I will make a Suggestions thread.