I think the reality is more that there are only room for a couple of traditional subscription MMOs to be successful at a given time.
Everyone expects the next new thing to be a WoW killer and while you may not like it or what it represents; its certainly the juggernaut that keeps trucking on. I'm starting to believe the only thing that will ever kill wow is a new Blizzard made traditional style MMO. I'm not saying I'm happy about it but meh, it could be worse, Vanguard could have actually killed it. Then we would all have to listen to McQuaid tell us we don't derserve to have fun if we don't play the game the way he wants. Also, no one else will be fired in the parking lot.