Personally I'm okay with the way they're doing it but I would prefer to be "no body" more or less. Having the whole story told in a multiplayer fashion (as if you're just one actor in the events) would certainly make better use of the MMO aspect.
But I think a single player story with additional multiplayer content appeals to people as well. Maybe not to you...But like I said, that's what I really wanted out of a multiplayer TES game. I was never expecting or wanting an MMO. I wanted a SP TES game with the option to do coop (I can join a friends game and do quests with them) and multiplayer (online competitive Arena matches, death matches, Capture the Elder Scroll.)
I think that's basically what we're getting: A Single player experience with PvP and dungeons. Friends can join up with you during your story, but they don't have to. The Adventure Zones, dungeons, and PvP will be the areas where you need other people.
I'm worried about how fast they'll be able to release content too. Especially since quality might suffer if they rush things. I just started playing SWTOR though and I'm enjoying the story a lot so far. Its much higher quality than what I expect form an MMO story. I've also met a ton of people who were in the game since launch and have multiple characters at max level, yet they still play. So endgame works for some people apparently.
I'm interested in your insistence on CD...personally I want it too. I think it would be more realistic and fun. But I don't get how its the only way the PvP could be good and involve strategy. This might not be the thread for it, but maybe elsewhere you could explain to me why no CD automatically = Zerg fest.