Well said, Ukerric.
EverQuest worked because it established a set of rules (factions, spells/abilities, monsters, items, respawn times) and then let the players loose to do with it what they wanted.
In modern games every quest, item, ability, and encounter are doled out in a very controlled flow. There is little room for discovery or creativity; you simply follow the bread crumbs to max level and then raid for the best armor at the time.
I'd like to play a game that gives you a bunch of tools and monsters and releases you into the wild again. No hand-holding, no invisible walls, no checklists. It seems like all games that try this turn into shallow survival games with no real purpose.. hopefully that'll change.