Premium games are like events with a free bar. You don’t really know what you’re getting when you pay once for admission, but all of the content is free.
Free to Play is like a pub. You can go in, see what drinks they have on offer, sit around and socialise for nothing. Some places will even give you little tasters of their beers gratis, in the hope you’ll buy more. If you’re willing to put the time and effort in to socialising you can probably get a few drinks for free before the paywall (your round) comes along, but it’s easier to just pay for your booze.
Modern AAA is like a nightclub. There is heavy advertising through leaflets and promo staff telling you how awesome it is, but the scene inside often bares scant resemblance to the promises. You won’t know that until you’ve shelled out to get in though, and once you are inside there are lots of extra charges for the content. It’s all very brash and loud, and you’ll probably only end up sticking with it for a few hours before it’s over, leaving your ears ringing.
A closed beta is like a wedding …
You know what, I’m going to stop there. Disclaimer: I don’t believe any of this nonsense, obviously.