I'm not really sure anything can be said about the state of MMOs when essentially every new MMO that comes out is a shittier version of The Burning Crusade with some gimmick or another (Public Quests, Full VA, Rift's Rifts and Talent System...thing, etc.). TERA tried different combat ideas but is the same old shit at its core. Guild Wars 2 deserves some credit for trying to break the mold, but its fans are somewhat obnoxious for this.
I've yet to play an MMO that takes what WoW did and make it better, ala EQ -> WoW. Most of the people I know that I played UO, EQ, XI and even early WoW with are extremely jaded now, myself included. A good portion of them just don't care for the genre anymore. The community aspect of it all is dead now anyway I suppose.