The situation with Riot is... tricky. I've been playing since around the time Miss Fortune was released, back in Season 1, so I've seen them change a lot over time.
Season 1: Inexperienced company, dealing with buggy systems and a rushed architecture, but super interested in their fanbase. LOTS of communication. Very open, very honest, but having a lot of trouble. The game grew rapidly, and Riot had trouble dealing with that, but lots of happiness was around... well, actually, the game was just so-so tbh. The foundation was there, but BOY did it need work.
Season 2: They're still chatting a lot with fans, but at this point it's clear they can't keep some promises they've made. Communication is still pretty open and honest up to a point, but when something goes wrong Riot starts to clam up. Magma Chamber, stealth rework, reward delays, all of these things leave fans confused by the sudden silence. It's a bit hurtful, but the game is objectively improving and League is making huge strides in e-sports. Overall, we're hopeful. It's a great time.
Season 3: Skin prices are rising. Champion prices are rising. Runes are ever more necessary as the game, through being explored, becomes much more competitive. IP rewards and boosts aren't coming as often. On the other hand, balance is still getting better and League is so big that everyone on Twitch wishes they could get near even a fraction of those view counts. Lore is mysteriously vanishing, but Riot is... sorta talking more. At least they're addressing the problem issues. They're saying less, though, even as more words come out. They don't want to tell us what they're up to. They're honest with us, and they're around quite often, but it's not a conversation anymore. It's two monologues that occasionally vaguely overlap. Feels bad.
Season 4: Game balance is honestly incredible. Occasional outliers pop up, and folks complain about Lee Sin or Lulu, but honestly we're way better off than before. All the roles have something to do, and can feel strong. Competition is huge, exciting, and surprisingly close. Riot is mastering the art of big announcements, and their game is looking better than ever. It's weird, though. Lore suddenly jumps out of hiding, disheveled and bizarre, but with wide-eyed optimism declares a Big Decision which seems to do little but infuriate those who cared and baffle those who didn't. IP prices are starting to level off after peaking, but IP is harder to get than it has been in the past. Designers are ready to discuss decisions and actually listen to suggestions, and though there are casualties like Karma and Trundle the overall result is fantastic. However, they seem to be the only ones really being open to us. Lore, wounded by the backlash, seems determined to continue making big surprises until one of them works. eCommerce is content to stay largely ignored, though players are steadily less able to actually play the game without huge investments of money/time before accessing content. The art team is friendlier, but they seem to be essentially doing the same surprise-explain-retreat cycle as Lore only better, occasionally poking us to get a bit of data.
In the end, I'm still interested in the game. It's a great game. It's very fun, and improving steadily. I still think that a lot of really cool people work at Riot. Some of them are charismatic and practice, while others are still getting the hang of things. That's fine. However, I don't feel comfortable giving them money, and I don't suggest this game to friends anymore. The required time and money are just too much without being clear, and the company is too hesitant to engage in actual impactful dialogue. It's now the standard "frenemies" model of Company Vs. Customers, rather than the "benefriends" culture we used to share. Instead of feeling like I can chat with Morello about upcoming Fiddlesticks changes (his E used to bounce up to 10 times), I kinda just wait to see what happens randomly and, oh hey, sudden Cass rework, I hope this is one of the successes. Instead of watching Guardsman Bob's Udyr bring a whole new item into the game through a lore event, I'm left wondering why the transhumanist genius Xerath has been replaced with Tragic Backstory Jafar.
tl;dr: Riot was more open and honest, but their game needed help. Now the game is awesome, but Riot keeps us at a distance and the game is no longer actually F2P.