Even being a huge EQ-fan (playing it again for the last year) I still think there is a lot to like in Rift. It is therefore the MMO that ranks second on my list. I like the setting and graphics, there is a lot of mood in certain aras and the world feels pretty big (now with the xpack). The flow of leveling and combat is pretty smooth.
If I ever get fed up with EQ again, I see myself playing Rift again for a while, before let us say Neverwinter Online and others. I still like the Rift events, even though it may not have panned out as planned it is still a mechanic that I enjoy. Both the roaming packs of NPC's that attack outposts as well as the Rift themselves still spice up the world some for me.
What I do miss in Rift (and many other MMO's) is true cities. Rift has hubs that look fantastic but they feel too utilitarian to me. I never felt that any regular people lived in the world of Rift. Sometimes it feels more like a Fantasy Themepark at War, but at the same time that makes it rather different which I like (from time to time).
I also dread the fact that when I come back I probably have to relearn and setup a complete new build, since they change stuff around so much. I do like to fiddle with setting up macro's and such, but I do have to be in the mood for that.
If Rift manages to build up a loyal if smallish fanbase that keeps coming back then it has not really failed in my eyes. I think most MMO's will end up like that if they are lucky. If not, and they manage to alienate even those loyal people, then it has truly failed I think.