The problem is that the peak of the MMORPG genre is passed. People cling to every new announced game as the salvation of the genre but so far they were always disappointed and will be with future games.
MMORPGs will continue to exist for quite some time that is sure, the genre isn't going to just go away but it won't be the big market anymore.
The audience has changed -and maybe someday we will not resort to malicious assumptions like "oh all the new players are ADD and lazy" when we face uncertainty- people don't want to grind out anymore, yes the memores of it are great ones for various reasons but were they faced with it now, they wouldn't accept it. The questing idea that got MMORPGs to the place they are is now one of it's downfalls. It's always the same, kill, gather, protect, deliver. The only thing games can do to fresh this up is by wrapping it in a nice packaging either by story telling (SWTOR) or by loosening up the flow (GW2) - but in the end it's always the same stuff and especially many long term MMORPG players have enough of it.
MMORPGs are now only number games anymore. Collect 10 of these, kill 20 of those, use item on 5 of that...and that's how people see it. They might realize that there is more around it, but in the end it's just the same basic concept. What made it great back in the day was the novelty. You had the illusion of it being a vast world with an immersive story. The games still have huge worlds with a great story, but your perception of it has shifted from seeing the game to seeing the mechanics behind it and this is what contributes to ruining the experience very much. Because games are always limited and in strict boundaries and always have been. What makes those very fond memories is inability or ignorance to see those boundaries, which gave the illusion of always something being there that you don't know yet. Once you know everything it gets boring (and in contrast to real world scenarios, you CAN know everything about a game engine and it's rules & limits)
If you're still new to the genre you're still able to have this immersive feeling for the story and the world, but because the cynicism is so wide spread, both ingame and outside in related forums and such, those new players get disillusioned much faster and become just as cynical and disappointed with what the game actually is in contrast to what was expected to be, was supposed to be and actually was as long as you were looking at it with a more naive and fresh eye.