Ok I've got heaps to say about this but I've never been bothered to say it, and I still am not bothered I guess, though i am bothered that over the past month I've seen a number of great/old-timer players move to other less content-rich mmorpgs and it ticks me off! Let me say that all said herein is just IMHO and I love FC for giving me AO, and all the players I've met over the years, and the great community this is!
GENRE
i dont know much about Conan, but I think it's just like every other swords&sworcery mmorpg out there, and there are hundreds. There are about 15 science-fiction/cyberpunk mmorpgs, and of that, the best 3 are: Anarchy Online, Eve Online and Neocron. SWG was a joke. It is very hard to compete head-to-head same genre when some of these games in the fantasy/s&s genre have in the orders of millions of users paying $9.95/month, have huge corporate backing, and a bunch of other wins under their wing.
AO has a definite niche market, which is a growing market, and as we day-in day-out make science-fiction a reality through technological advances in RL, it gives a great opportunity to shape the fictional world based-on real-life events and mash it all up nice and anarchic like. Of course, other genres can tap into this, like horror or fantasy, but nowhere is it more flexible, dynamic and exemplified as the science-fiction genre where we write about flying to the moon, or underwater vessels and 50 years later, we are doing it!
I will never play fantasy games, and like the other millions of geeks growing up in the information era/online society/generation-X, prefer science-fiction over fantasy. I'm not speaking for everyone, I'm just reinstating what market dictates at this point in time. iTunes/p2p over cassette tapes. The reason for less players is not less interest, but less resources. Hundreds of fantasy settings vs. 3 usable science-fiction ones. Not surprising, even Blizzard wanted to have a go at this "world of starcraft" sci-fi mmorpg, and they probably will soon, it's just a matter of time...
GRAPHICS ENGINE
Personally, I do not mind the gfx eng behind RK AO. It does what I need it to. The lag is tolerable, even in my distant part of the world. I love the cities and the outdoor wilderness, and they were very enthralling when I first started 5+ years ago.
New players however have come to expect different. They have the beautiful elven gardens or dwarven halls in WoW, or the spiritual purity of the cosmic vastness in EO. I particularly didn't like the new SL environment settings as they got more and more fantasy and less sci-fi. Diverse outdoor/wilderness environments are a must, don't get me wrong, but it was feeling less cyberpunkish and more magical. I did appreciate the new gfx techniques like the translucency in spirits and unicorns, greater detail in mobs however, and I am quite used to it now. AI is impressive, but somewhat laggy for me. The bipodean aliens are my favourite looking, but the fish-looking ones not so much. The rooms are very imersive and breathtaking and IMO up there in quality as the rest of the games on the market right now.
I believe if the gfx for original RK (or new RK? :-)) were revamped, AO/FC would have a real opportunity at clocking a few hundred grand a month in new subscriptions and taking some real marketshare in the mmorpg market. It is particularly important, as it is the first thing people see when they join, and I appreciate that newbie island complete with aliumz was probably intended as that but ordinary RK is still RK.
EXPERIENCE
FC/AO has one of the richest and most diverse communities I have ever seen. They have been in the business for yonks, and know what changes will have what impact and where, better than anyone else I've seen. Sure, they make mistakes sometimes, but everyone does. WoW/EQ is one whole big mistake IMHO :-)
Having been around so many years has lead to a huge content base, priceless experience, and a very active community to support and enrich it. This is really worth so much if they only knew; just ask Mr. Murdoch and the myspace/web2.0 crowd! :-)
GAMEPLAY BALANCE
The game is very well balanced, and mediated from patch-to-patch. I think there are good and bad points to FC cracking down on out-of-game commercial transactions, but I cannot really comment because I don't know enough about it. What I do know is that WoW/EQ hasn't, and they have a player-base worthy of envy. I am not sure if a huge player-base is good or not (who wants more lag and bumbling newbs?) but it does mean that the FC guys can line their pockets and this is a Good Thing (tm). I am especially happy when the good guys get the money, and to further this example, M$ has never, ever produced a particularly good product but they sure do have the numbers! (for now! :-))
CONTENT
As mentioned previously, I can't say for certain, but I think AO probably has the richest and most diverse content in any mmorpg out there. Because they have so many years under their belt, because they have a great community and ARK model, storyline and role-play, and great ideas. Loads of items, Loads of NPC/mob types, Loads of weapon types and damage, Loads of twinking and character customisation possibilities.
COMMUNITY
This is covered under experience a bit, but I just need to reinstate it because it is important. Other MMORPG communities don't come close. It's like we have a secret AO handshake or inside joke, and the other mmorpg guys don't get it... :-)
These 5 things are what I rate MMORPGs on (there are other things too) but for argument's sake they are the key ones that complete the cycle dev->test, test->players, players->money, money-> dev and ultimately determine AO's great success.