I welcome new TF2 players with open arms. For them, they get to experience a great game. For me, I get more people to play with, which means more kills. At the moment, Valve have promised to keep exploiting and hacking to a minimum with VAC, and I trust them with that.
Besides, you have to actually buy something from their store to play the game to it's full potential, and that includes using cosmetic items.
The only people who are complaining about this update is /v/. Nothing bad has happened, and nothing potentially bad can happen either. As said before, this game won't be filled with 12 year olds for one reason: It's not a 'realistic' modern warfare shooter. And thanks to VAC so far, I've only seen 1 hacker in my whole 1200 hours of playing.
This update won't change anything. People are just assuming that now it's free the entire game is going to go to shit. Grow up.
And stay away from /v/.