I personally this is going to be a great MMO, because they've remembered something most of the so-called WoW beaters forgot. A story keeps people entertained requires good writers. Whether it ends up free to play is another matter, because that will depend on the other thing game developers either ignore or forget.. which is if the story of the game ends with leveling, so will your subscription income.
To date there have been two differences between WoW and pretty much all the others. The first is an MMO is supposed to be a game in which people interact with each other, make friends (insomuch as you can make friends online) and form communities that play together. Some MMO developers understand this, most do not. If they don't then what you get is an MMO consisting of randomly spawning stuff that pits itself against dozens of silent players standing together in a big group around it. Yeah keep telling yourself how great that is. The second is that with WoW the endgame continues the story. You may not like the story, think it's stupid (cartoon dragons, pandas, etc) but it is what drives the game after you've reached max level.
If the story is well written, like WoW's Burning Crusade and Wrath of the Lich King, the number of subscribers increases. If it's badly written, like Cataclysm and Panda Express.. sorry Mists of Pandaria.. the number of subscribers falls. The environments, extra features, PvP etc can be great. The number of things to do can be beyond count. None of that matters if the story sucks donkey's balls.
But the debate over whether WoW is crap, boring or dying is irrelevant to this MMO. The Elder Scrolls has enough of a following and a rich enough history to last as long as the developers want it to, as long as they put the effort into keeping the subscriber base entertained and keep downtime to a minimum.
For those that think that MMOs need uptodate 3D engines driving photo-realistic scenery and effects.. yeah.. no. Every game that tried this is free to play for all of the obvious reasons.