What you have to remember though is that this game was in the planning stages since before Oblivion even came out, and that it's been in development since 2007. That's a long time ago, and gaming was very different back then. I think most developers realize these days that they cannot replicate WoW. No one will ever beat WoW at it's own game because WoW is from another era. Nobody wants another WoW. The MMO genre is on the verge of changing it's format entirely with things like Free-2-Play.
I read an article before The Old Republic came out which basically said it was most likely going to fail, and that it would probably be the last game of it's kind (as in the last huge budget MMO to follow the outdated WoW formula in an attempt to de-throne it). It seems like the article was wrong though, this game is probably the true last game of it's kind.
Obviously this would have seemed like a brilliant idea when it was conceived many many years ago. The problem when developers commit to a game like this is that they're essentially building a Titanic-sized ship which takes so long to create that even if it becomes clear somewhere down the line that they should be changing direction, they can't, the ship's too big and it's on a crash course.
Anyway, that's just kind of my brainstorm on why this game is what it is. Feel free to disagree/discuss