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I watched an interesting video the other day regarding this topic (see link below). I think it may explain to some extent why MMO's seem to feel "dumbed down" to many players these days or why so many games only keep us engaged for a month or two at best.
A lot of what made the older MMO's so much more immersive and time consuming (in a good way) was the fact that most of us had no idea what we were doing. This in and of itself was a huge part of the fun and contributed greatly to the social aspects of games.
These days, players can simply go to a website and within minutes they can see the most optimized way to play any class.
Couple this with Youtube videos on boss strats, money making techniques, etc and you've basically taken a large portion of the challenge out of any MMO.