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I'm sure this is being reiterated at Blizz headquarters as we speak, but the next expac for WoW (whatever that may be) will be the single most important expac yet. WoW has been in decline since the early days of CATA, having reached its peak of 12 million subs during WotLK then falling to 7.7 million today. While the current retention rate is greater than the sum of all other MMORPGs put together, losing over a third of your audience within two years is nothing to sneeze at. Behind the scenes, I'm sure Blizzard is very concerned.
Although I haven't played the game in almost three years, I do believe WoW is at a crossroads of sorts. If the next expac is a traditional one (with the typical new villain, new race, a few new zones, higher level cap, etc), then it is doomed to fail after the initial rush just like CATA and MOP did. More of the same just isn't going to cut it anymore. If they go this tired formula route, the best thing to do would be to wrap everything up so to speak (perhaps with a final confrontation with Sargeras) and set the distant stage for Warcrat 4 or WoW 2. The game is simply getting old at this point, so bowing out gracefully with a strong exit strategy is in order. Although this would probably be the smartest thing to do, it's doubtful Blizz or any other company would do this, because it's basically an admission that there's something wrong with your game and that it's in decline.
The only other option is for the next expac to be RADICALLY different from the previous ones, and bascially throw out 100% of the previous content and start from scratch. Perhaps have it take place entirely in the Emerald Dream (which is basically Azeroth prior to it being settled) with an entirely new approach to progression, or perhaps revert most of the gameplay systems (particularly raiding) back to a more vanilla approach. Judging from the player base, the number one reason why there has been such a decline is sub numbers is due to the LFR tool and the differences (or lack thereof) between normal and heroic raiding. Removing these systems would result in a massive outcry, but it might be best for the game as a whole. Blizzard is removing the RMAH from D3, so this type of reversion isn't out of the question. The same thing goes for PvP. Most veteran WoW players look fondly back at the days of world PvP (Tarren Mill vs Southshore anyone?), so it also might be prudent to remove arenas and BGs. Again, all of this would be a hugely controversial and risky decision, but you can't claim rewards without taking risks.
Regardless of what direction Blizz decides to take, I see this next expansion being the make it or break it one. Either Wow continues to decline, or it gets a second wind, going off in a new (or older, depending on your viewpoint) direction. Since the Titan project was basically cancelled, Blizz is going to be stuck with WoW for a few more years than they thought they would be.
So what do you guys think needs to happen in the next expansion to not only stop the bleeding, but to bring in new and veteran players alike?