I'm beginning to think that the MMO that ultimately kills WoW won't be one that sells at retail and charges a monthly fee. Take a look at Perfect World. It's a MMO developed in China that was originally slated for a retail/subscription model, but has since morphed into free-to-play. I'm not saying Perfect World is better a better game than WoW, only that a game like it will likely prove the only real method for breaking Blizzard's hegemonic control of the market. I don't completely understand the economics behind free-to-play but if such a model could sustain a quality MMO, Blizzard could be pressured to follow a similar pricing structure, or at the very least, lower their current monthly subscription charges.
All this could shake out within the next year or two. MMOs like Perfect World will either be successful or they won't. If they're not, I don't see anything retail threatening WoW. Maybe Bioware's KotOR MMO. Now there's a MMO I'd like to see as free-to-play. There's probably as much chance of that happening as there is of me ever playing WoW again. But stranger things have happened.
Like John McCain announcing Sarah Palin as his vice-presidential candidate.