I would hazard a guess that from Pachter's perspective those consumer costs don't matter for a number of reasons.
1) The 'worth' of cost-of-game sales remains nebulous in the minds of consumers and, if the market is ready to support additional charges on online functionality, then profit-minded corporations would be fools not to exploit it [in the short-term, anyway].
2) Most additional costs, with the exception of subscription fees and online passes, don't flow to the publisher but rather to additional third parties (Microsoft, ISPs, etc) that aren't publishers.
I mean, everything he's saying makes complete sense from a corporate perspective. Corporate society has always been and will always be a war between what companies desire to charge for and what consumers are willing to bear. You're right in that I think F2P is probably a more likely future than charging for multiplayer; I don't really think the market would support that.
Please don't take this as a defence of corporate culture; simply given the unequal power relationships and the refusal/inability of consumers to utilise their only real form of power, aggregate buying trends, this kind of thing is a natural conclusion.