@Heff
You mentioned Star Wars Galaxies and how it was mangled to please the kids who desperately wanted to be a jedi - I was actually intending to post something along those lines as well.
I remember when I started playing that game, and with a whole bunch of friends on Teamspeak we used to go to Dathomir for rancor hunts - as that was the ONLY way you could kill them. Groups used to form at the shuttle port, with 10+ people per time, and it was still about a 50-50 chance of survival.
You see, THAT was fun - that balance felt right. It didn't feel so much like a grind to me back then - but then they nerfed around with the professions and released new armour, which made players (particularly the Teras Kasi hand-to-hand) so powerful that you no longer needed a group to go kill rancors. Going out by yourself and punching a Rancor in the face until it died just didn't have the same appeal - and of course, because you no longer needed a group to hunt, people stopped playing together.
Then there was PVP - full of people exploiting little bugs so that they became more or less unbeatable. Some people would argue that it wasn't cheating because the game allowed it, but it's like using your hand in a game of football when the ref isn't looking.
The whole game descended into a mess of scriptors grinding away professions while AFK, and suddenly instead of a MMORPG, you had a load of people who just happened to be grinding individually on the same server. This was still back in the days when you had to grind professions as dictated by the jedi holocrons, and as a Jedi your character could actually die, losing the perhaps months worth of work you put into it.
Then they nerfed that too and introduced a quest based (in theory) system for becoming a jedi, meaning everyone would just go off and do these quests by themselves. Then eventually they signed the death warrant by making Jedi a selectable profession, so basically you didn't even have to work for it any more - and nerfed the character down so a fully trained jedi was weaker than even some of the other professions.
I got into roleplay with the MERPC, which saved the game for me for about a year, but it was entirely due to the other players and peoples imagination, and if anything in spite of whatever the devs threw at the game.
I can't speak for WoW so much, but it sounds to me very much like it has turned a similar corner that SWG did a few years ago. Whereas SWG alienated it's steady userbase by "noobifying" the game to try and attract more players, WoW seems to be alienating new players by catering solely for its existing userbase. Neither of these is a scenario which bodes well for the future as they both lack the balance needed.
I'd give WoW a year unless they pull something magic out of their hats. Of course there will still be people playing it in a years time, but I can forsee one or more of the other big titles coming in the following months clawing away at WoW's userbase.