I'll disagree with Angry and Aenomoly here.
I love games, especially MMORPG's, where the state of play isn't 'do with', but 'be with'. Where social environments, roleplay opportunities and environment make the game as much as the game mechanics.
As I've said in other posts, I'm not much for the Asian grind-fests and the MMORAIDs where the entire focus of the game is large-scale, easily predicted and very repetitive NPC content. I don't play those games for exactly that reason, as there are tons of them out there.
Again, the focus I feel that makes and MMORPG special is that it sets the stage for characters to interact, or not, as they see fit. They can be that perfect dimension between pure co-op games and single-player games. I don't focus on 'Massively Multiplayer Online' as being the only defining trademark, as many realize that just because a game is multiplayer, doesn't mean that's ALL it is.
As far as the second standing of gear-driven MMORAIDS, again, it's already out and has already been done to death. A game that takes the carrot out of equipment and puts it in the realm of character progression (i.e. skills/passives) is one I'm really looking forward to. Kind of a fantasy version of EvE online, without the hardcoe mode. In EvE, a players gear has a practical soft cap (along with skills) that makes a character who has 10 years in the game almost equal to one with only a year.
In short, I would recommend those wanting an MMORAID to look for one. I'm hoping TESO keeps to it's current design premise and remains a free-for-all for all gametypes, maybe even opening more to others while staying out of being completely grind-heavy (doing dungeons a dozen or more times for one loot drop is grinding) and PVE focused.
They can do this. They are very close. All they have to do is stay away from the 'traditionalist' mentality. If they do, they'll make something interesting and new.
If not ... they'll die to WoW like all the other clones have.