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Siege has a very active and dedicated community, but for many reasons which are endlessly debated here, the population is low compared to other shards.
A couple of those reasons are:
1. ROT makes training characters very slow
2. There are no trammies on siege
3. People get pk'd frequently - which is both fun and annoying at various times
4. There used to be major inbalances due to personal bless deeds and other blessed items. Those have been fixed, but people on other shards don't know that.
5. There is no insurance, so you will frequently lose all your stuff. On my pvp'er, it happens daily, on my pvm'er, monthly. It's no biggie tho, because it happens to everyone else too, so nobody really runs all artied out for long, and the playing field is pretty level.
6. Town vendors are 3x the price on other shards, sometimes more if it's a faction town. Town vendors won't buy anything from players.
On the good side:
1. Housing is easy to find and cheap - except for keeps and castles.
2. Crafting is not only viable, it's profitable on siege. We all have to buy stuff from each other, and we lose our stuff regularly.
3. Factions is awesome on siege. There's special benefits from the hero/evil system for factions, and it localizes the enemy, so that we know how to find them when we want to fight. Big faction battles happen weekly.
4. The small, but steady population is a lot like a small town. Reputation is important and people keep track of it.
5. Nobody needs a mega-artie suit to compete. Most run with GM armor, and a few replaceable arties/marties.
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Well spoken