The days of endless raiding are coming to a halt, even the guys like me who loved it for YEARS are starting to realize, it's more of a time sink than it is fun. BryanCole  got it right in a sort. FFXI would never have been "THE" game regardless of the shadow it was cast under, it lacked a few simple things liked the ability to jump, and the ability to solo.

The type of game play that is considered fun has changed. MMO Veterans (as my self and I'm sure others who have commented here) are outnumbered and it's the economies fault. The economy has made it a far better choice to spend time home gaming instead of vacationing and spending loads of money on other hobbies. This has rapidly grown the MMO industry and as such the industry must change to stay current with it customer base. We the "Veterans" were conditioned to progression (most of us) and now we are about to be re-conditioned into the new era of MMO gaming.

Point is the market changed because new people arrived and they are the  majority now. Progression raiding had it's moment in the sun and now it's time to give up that crown and watch as the new leader emerges.
Progression raiding was fun and exciting for the 10 or so years that we had it, and for some this will be the breaking point that will make them either stay with a sinking ship or abandon it all together. The others will adapt as the MMO changes.

I for one look forward to Guild Wars 2, with it's anti-end game attitude as I have adapted to a new favorite style of play (Casual gaming).