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Everything I have read so far has points to Guild Wars 2 not trying to compete to overpower WOW or even steal WOW players.
Guild Wars 2 is not meant for the average typical gamer who likes to grind 5 or 10 levels to reach the cap then quit playing because there is nothing else to do except raids. GW2 is being made for the user who likes to be challenged with Skill use and GvG.
Coming from experience I have witnessed several people who played WOW and switched over to GW. Most of them end up going back to WOW after they reach 20 because "there isn't anything else to do in the game". Well on the contrary there were tons of missions still not completed. Campaigns were not even unlocked nor was the expansion to the game.
Conclusion, GW is not trying or being made to overtake WOW, it's just trying to be the best game OF ITS KIND ever to be created.