There will be competetive MMORPG some day, maybe not tomorrow, but we should expect it.
The main problem with new mmos is the fact that game genere like this require more dedications than others, you can't create any decent mmo game without community that makes it full of life. Such community need, so called, hardcore gamers that take this kind of entertainment very seriously. Surely- there are way more casual players than hardcore gamers, so most devs are looking for such customers, but as we can see- it doesn't go well together, at least in this genere. I guess the game should attract players who are looking for a challenge, so there should be lots of competetive stuff like PvP (small scale, big scale), some political beings like clans, alliances and demanding PvE that promote being smart rather than having too much time. There should be also some content for casual players- both kind of gamers benefit from each other- dedicated players create unpredctable and dynamic game environment that is way more interesting than scripted history, while casual players create the community- suppliers, customers and very often allies (at some point) for those who are factors. Beside that, I really don't believe that you are casual/hardcore for life- for example I never thought that gaming will become my new and main hobby, I don't even imagine that I could spend some money on a online game before I discovered L2. The main difference between those two groups is attitude, and we all know that attitude might change if you are experiencing something new. Now, the puzzlement is to actually forge this idea into a brand new MMORPG, which might be "a little" harder than just thinking of it.
About GW2- the game is probably more polished than products, that claimed to be new gen MMO and failed miserably. Still, it's based on the same concept- to attract casual players and deny the existance of a competetive gamers. It's all new, bright and interesting to discover new content that rewards you for everything and doesn't punish for being dumb/unskilled/sociopathic. Untill everything is discovered, it's interesting, but at some point it will be just repetetive, the all benefits of having many people at one place are neglected- you basically play single player game with a chat and a little bit smarter NPCs that run around you. I really don't think that this game will survive very long, content creation process is much slower than discovering it, therfore game will be abandoned, since players are unable to create their own way to enjoy the game.