The game is being steered by the Devs into something that is really only fun for the super equipped players. Some can solo anything in the game and cry for something that's 'actually challenging!', the rest of us just get ignored.
Also the Devs have tended to add crafting items to the game but have the sources of the ingredients be those same super tough (for most players) monsters and so the ingredients sell for millions of gold for months, then start creeping down in price. Those prices have got to be a real turnoff for young players. "Wow, I wanted that neat sounding Axe but it sells for 10,499,999 gold. I'll be years gathering that much gold when I can only play 10 hours a week. Heck, I'd have to do nothing *but* gather gold, I couldn't actually just have fun playing the game hunting any ol' monster that sounds fun to hunt."
New players are left pretty much on their own to learn how to play the game and are pretty much tossed in the deep end and left to figure out how to swim on their own. I suspect many go down for the third time and come back up in a different game.
Most people who read these boards see nothing but negatives about the game, the Devs, EA, reality, fantasy, delusions and whatever someone can come up with to complain about. I suspect that if I had read these forums back in 2000 when I was beginning to play Ultima Online, I'd have stayed playing Gemstone III.
Until the devs decide to shift their focus to making the game attractive for new or 'just want to have fun' players and let the uber-geared bitchers pancake, UO will continue to fade into oblivion.
Challenging is good, but they really have to remember the fun factor. And their really isn't any, particularly for any new players who decide to try the game out.
It's to rigged up to keeping the super-geared hardcore oldtimers happy.