This is a WoW clone, pure and simple. You level up, you go to dungeons and get equipment. You can't talk to the people who you pvp against, and you can't pvp against people on your faction. The only carrot that keeps you logging in once you hit that level cap is getting new gear. Every season, they'll give you a new set of gear to grind for, maybe do some lore magic so they can open up a new dungeon. That is the WoW paradigm. Whether or not WoW created it is irrelevant - WoW made it successful, and that is what "WoW clones" are trying to mimick.
There are only 2 old-school MMORPGs that are still around and still subscription based: WoW and Eve Online - which, coincidentally, just turned 9 years old, and has as many subs now as it did back then. Eve Online is still around because it fills a niche that nothing else does. WoW is still around because the dozens of games that tried to mimick it fell short. DDO, EQ2, LotRO, Aeon, and many others - all decided to compete with WoW rather than create something truly new, and all fell short.
For any game to be a success in this post-WoW world, it has to either fill a niche that WoW does not, or it has to do what WoW does, but better. I prefer the former, as I am not interested in eating a WoW sandwich on white bread, hold the everything. I don't want my reason to log on being a shiny new bracelet and I will not be buying this game if it goes down that route. This is from someone who has had 2 Eve accounts active for a total of over a decade's worth of subscription fees - you can have a game that will have a loyal subscription base of 40k-50k people who will sub to your game until the servers go dark, or you will have a game where 1 million people sub for a few months and then trundle off when the next shiny game opens up.
What I would like to see is a game focused on commerce and PvP. Contestable, conquerable lands and harvesting nodes (mines, etc). Equipment loss upon death, half of it destroyed and half of it left on your corpse, forcing you to replace player-crafted gear with more player-crafted gear, allowing for an extensive crafting and player-based economy. Nothing seeded that isn't absolutely necessary to be seeded. I want to see trading as much a viable profession as killing. Player-created content - forts, towers, equipment, etc. I want my reason to log on to be defending my clan's territory from invaders, or attacking someone else's territory.