Been going through the forums. The Devs are answering much of this and will probably be updating the official info page/FAQ. But for now - here's the most comprehensive answer gleaned from the forums I've seen:
You get "Premium Global Slot Unlock Tokens".
You automatically get 2 of the above.
Then you get more if you had purchased or earned other slot unlocks. These are applied automatically and retro-actively. In other words - if you had acquired extra slots via Veteran Awards, then each VR unlock also awards you a Premium Global Slot Unlock Token. Same applies for Character slots that you have previously bought and paid for.
You can also purchase more.
Then, of all the Toons you have on all the servers, you apply the Premium Global Slot Unlock Tokens on the Toons you want to play for free as a Premium account.
None of the characters go away ever, just limited access to them. If you go back to VIP, then all of your characters are accessible again.
(Example: On my @atlantea account, I have been a 7 Year Veteran (more or less). I have at least 3 character slots that I simply earned via vet badges. I don't remember if I actually -bought- character slots. (I don't think I did). But even if I only get the automatic 2 character slots and the 3 from Vet Rewards. That's a minimum of 5 character slots I have available to use on Virtue if my account lapses for a month. (And I'm pretty sure I actually would have more slots than that. I just know I have a minimum of 3 extra.)
Doesn't mean any of my characters on Virtue are -gone-. Just means that if I can't afford the game for a month, that I can only play about half a dozen of them during that time. I'm ok with that. I would definitely keep Cyberman 8 and Kara Skye available. Possibly Startracker Zero. Then I'd choose some other characters that aren't 50 to round out my choices. It'd be tough to choose those. Sassinak would almost certainly be unlocked. Maybe Skyestrike. )
You get "Premium Global Slot Unlock Tokens".
You automatically get 2 of the above.
Then you get more if you had purchased or earned other slot unlocks. These are applied automatically and retro-actively. In other words - if you had acquired extra slots via Veteran Awards, then each VR unlock also awards you a Premium Global Slot Unlock Token. Same applies for Character slots that you have previously bought and paid for.
You can also purchase more.
Then, of all the Toons you have on all the servers, you apply the Premium Global Slot Unlock Tokens on the Toons you want to play for free as a Premium account.
None of the characters go away ever, just limited access to them. If you go back to VIP, then all of your characters are accessible again.
(Example: On my @atlantea account, I have been a 7 Year Veteran (more or less). I have at least 3 character slots that I simply earned via vet badges. I don't remember if I actually -bought- character slots. (I don't think I did). But even if I only get the automatic 2 character slots and the 3 from Vet Rewards. That's a minimum of 5 character slots I have available to use on Virtue if my account lapses for a month. (And I'm pretty sure I actually would have more slots than that. I just know I have a minimum of 3 extra.)
Doesn't mean any of my characters on Virtue are -gone-. Just means that if I can't afford the game for a month, that I can only play about half a dozen of them during that time. I'm ok with that. I would definitely keep Cyberman 8 and Kara Skye available. Possibly Startracker Zero. Then I'd choose some other characters that aren't 50 to round out my choices. It'd be tough to choose those. Sassinak would almost certainly be unlocked. Maybe Skyestrike. )