I think Grimm is correct in that UO should not be competing with WOW! UO beats wow/rift hands down in all areas but one...Graphics!
The problem is changing UO graphic style loses the nostalgia of the game. but I used to have a old car i kept for that reason you know what I ended up dumping the old car even though I loved it for a new model!
I think Uo has 2 options
1 stay the same and try to stay in the niche we have for as long as possible ..maybe up to 5 years if we are lucky
2 spend some money and revamp the art for the new era and bring the game in line with other games art wise
number 2 is the best option for a chance at real longevity the game would either die within the first year from people not liking it being revamped or it would become the biggest game of all time trouncing wow and any other game!
Uo has the best gaming mechanics in any game I have ever seen (total package) so it already has the lead on the others, do something with the graphics either in the direction grimm suggested or go with 3d type graphics and UO would be back on top
Just my opinions