This probably holds true for the majority of us, and as much as I would love to, I no longer have the time to sit in front of a computer at 3:30 in the afternoon until 3-4 in the morning because I'm no longer a zero-responsibility teenager. 42, 5 kids, business owner, and trying to keep a wife somewhat happy. I'm lucky to play a game a few hours a week.
There needs to be some middle ground for a true MMO to succeed because the generations are completely different. The things that I think made EQ successful in the beginning were the slow leveling process, solo play was generally slow, boring, and nearly impossible for most classes which meant that people had to interact with others for hours on end. Another thing that I think helped EQ succeed was the gearing, and at least initially like someone said above, getting that item with a +3 stat on it was huge. I remember seeing a warrior walk around Freeport in a set of Full Steel armor which was even before the warrior blue quest set came out which I think was called "crafted" if I remember correctly. He was an FOH member, but I can't remember his name to save my life though. I remember camping Drelzna(sp) in Najena for jboots for about 18 hours straight before I got mine. The younger generations don't have the patience for the slow leveling or the slow gearing (like a 50 warrior in FS), because they want everything to be first person shooter paced. On the other side, the generation that loved EQ as stated above, we don't have the time for it. Another MMO that captures the soul like EQ did probably won't be made, and if it did, it would be cancelled in 6 months.
The two things that I didn't like about wow is the lack of community because grouping wasn't necessary, and you could level to 60 pretty damn fast when compared to EQ. The lack of community got even worse when they created the cross server random dungeons. The second item was the gearing. I think they got it right in classic, but they progressed it to quickly in BC and subsequent expansions. Replacing an AQ raid tier item with a green two levels into the next expansion was ridiculous. With exception of a few dungeon pieces, I didn't start replacing the majority of my EQ classic indicolite armor until Kunark raid level items, and some of the classic raid items were still needed/valuable. If I remember correctly, I don't think I replaced my cloak of flames until Velious and Naggy/Vox were essentially the first raid target in EQ.
EQ and WOW were definitely the best, and I think for an MMO to succeed today, there needs to be a solid merger of the two. One that is less of a grindy time sync but slower gear progression also while having the requirement of solid group content that creates community. In other words, a unicorn that is never going to exist.
Just my worthless 2 cents.