After getting into EVE-Online, I've had to change my opinion of MMORPGs. I'm finally forced to concede that the concept of MMORPGs is fine, it's just the execution of that concept that needs work. The problem is lazy developers copying the same flawed formula over and over again, instead of trying for real innovation. The mistakes they keep repeating:
1) A completely static world: In WoW, for example, your clan might make a 40-person raid on a high-leve dungeon, and kill an epic boss. But what happens, after you pick up the loot? Everything resets to exactly the way it was before, and you do it all over again the next night. And the next, and the next... there's no sense of accomplishment. You can never actually change the world, no matter how important the game tells you a quest is. The entire concept of the persistent world is defeated, because nothing ever matters. You wouldn't notice any difference if you just played a game like Diablo II with random map generation and a new world every time you connect.
Compare this to a 40-person fleet raid in EVE. That large raid might cripple your enemy's (and that enemy is a player-run alliance, not some NPC) cruiser production station, giving your side an advantage in battles for the near future while they try to set up a replacement. And your side would gain control of the system, to do whatever you want with it. Now there's a real sense of accomplishment, you've actually done something to change the game world.
2) PvP is just deathmatch: Similar to point #1, in a typical MMORPG, what purpose does PvP serve? What point is there, besides having +1 to your personal score? If you kill an enemy, what happens... do you get their territory? Do you inconvenience them at all? Or do you just force them to respawn and lose a few minutes of time running back to their corpse?
3) There is too heavy a focus on endgame content: One of my friends tried to justify WoW by saying it gets fun when you hit level 60. Yes, after spending countless hours power-leveling through boring gameplay, you finally get to do something fun. This is completely absurd. The idea of developing a character over time should have more of a point than "rush to level 60 as fast as possible."
Especially when even slightly lower-level characters aren't anywhere near good enough to be useful. You have to make it all the way to the top to join the fun. A level 50 isn't almost as good as a level 60, it would be suicide for them to join the high-end content and no party would let them anyway!
Again, compare this to EVE. Obviously, you need to take some time with NPC missions and build up your character, but you get into things much faster. All ship classes are useful, not just the skill-demanding battleships. A relative newbie can still contribute to endgame PvP fighting, or in any other aspect of the game. Sure, their frigate might not have much damage to hurt an enemy battleship, but its speed and small size lets it dodge the battleship's fire, meanwhile its electronic warfare systems open the target to destruction by its companions in the fleet.
The clear proof of this is that veteran players, with the skills and money to fly any ship in the game, STILL use the "low-level" ships. Not just to show off, but because those ships fill the role they wish to use.
4) The experience point system is completely absurd: In most MMORPGs, you're forced into mindless and repetitive experience runs to advance your character. You're stuck killing the one appropriate monster that gives you the best experience per second, over and over again. Is this really fun?
And just to make it worse, it forces you to devote massive amounts of time to those mindless runs to avoid falling behind. Do you want to go on a date with your girlfriend? Or have a social life/school/etc in general? Too bad for you, your WoW character won't be getting anywhere. The system punishes casual gamers who don't have the time or desire to devote countless hours to boring power-leveling.
How does EVE fix it? By simply scrapping the entire concept completely. Skills advance automatically, with a set amount of real-world time required to train them. It doesn't matter how you spend your time in the game, or if you even log in at all. Your skills will still advance at the same rate. For example, right now I'm training my Caldari Frigate skill to level 5, to allow my character to fly the elite advanced-tech frigates. It's about a two-week training time. I could go hunt NPC pirates, fight a PvP war, afk-mine, or even just keep writing this post and it will still be done at the exact same time.
See the benefit? Now not only can I focus on what areas of the game are the most fun instead of which ones give the best experience, but I'm not forced into a choice between the game and every other part of my life.
5) Random item drops are completely absurd: You know the story, that powerful rare item you want has a .000001% chance to drop from a specific boss, so you farm that boss endlessly until you get it. Or just an item you can trade for it. See a problem with this? Like power-leveling, you're forced into specific (and almost always boring and repetitive) areas of the game to get your wealth.
Eve's solution: random item drops are still there to salvage, but they're only half of the market. Every item in the game can be (and is) manufactured by player-run corporations. So no more boss runs for items, you just get your money (through whatever methods) and buy it.
6) Balance is often horrible: It pretty much explains itself, balance issues are common. And it's made even worse by the focus on power-leveling and boss runs. Since you're forced into specific areas of the game, you're also forced into specific character builds optimized for them. So character and gameplay variety are severly cut, and you have hordes of people playing exactly identical characters.
So seeing how EVE fixes a lot of these issues, it's clear that it's possible to make an MMORPG that avoids them. But developers are lazy, and it's easy for Blizzard to stick the Warcraft name on yet another generic MMORPG and collect the profits than to spend lots of effort making a better game.