MMOs have become as formulaic as the current gen of FPS. That's my major problem. The systems are the same in many games, the ethos is the same, the content is the same.
EVE has a more interesting, player-driven dynamic going than most, and that's what the next crop of MMOs will have to do to get my money. There needs to be way more emergent game play than MMOs offer today. They're all, thanks to WoW, these rigid games of whack-a-mole and dodge the fire at higher levels. I don't necessarily like PvP, but it's one of the few things I can actually care about when it comes to MMOs, because the content sure as hell isn't stimulating anymore. Much like after 100s of hours of Diablo II, all you see is loot and monsters, it's the same with WoW. After a few hundred hours, all the mystery of the game is stripped away and what you're left with is just...mush. Bland, generic mush that you shovel down day in and day out for reasons you can't even articulate anymore.
So I've pretty much written off this and the last two crop of MMOs to come out, and am going to continue doing so until one hits that really shakes up the traditional model of things. I want to go back to the days where dungeons were more environments to play in than these masses of corridors and pre-planned fights and loot drops. I want a game that actually tries to simulate something again, instead of abstracting everything down to following quest nodes around and doing completely obvious shit as part of a level grind. I want a lot of the freedom we used to have back, including the freedom to seek adventure and die a lot because we were exploring.
Oh, and I want MMOs to quit holding people's hands. I could say that in general of a lot of games today, but MMOs in particular are like overly sympathetic mothers. Every time you scratch your knee, and boo hoo, it comes in and goes "oh it's ok, that didn't matter ANYWAYS. Here, see, you're alive again, and everything is all lovely dovey again. Now go back out there and have some fun, champ! Oh, and have some free tokens for being such a good sport."
Peh. I remember when MMOs actually felt like worlds, and not just a mass of content equally spread out so the player always has a shiny light to focus on. WoW really jaded me on this. The game isn't a world so much as it's an ocean of emptiness littered with oasis's of simple, repeatable content. And you're just a little fishy, swimming through the emptiness, gobbling up every little pellet you come across and looking for the next.
I'm probably going to have to wait a few years though, until the current crop of MMOs really starts losings subscribers (or fold within a year like APB) so publishers start throwing their money at something different.