Let me try to put this in the perspective of Shadowbane:

"What's so cool about this MMORPG you're hooked on?"
"Well, you get to do all sorts of cool stuff in a persistent online world and interact with other players."
"What sorts of cool stuff?"

Well, run a guild, build your own city, manage the economy, raise armies, play in polotics, wage war on the unfriendly neighboors, and participate in story creating events such as the attempt to summon the god my guild believes in. There is the necessary hunting of monsters for gold to get cities started, but once they are up, a good economy can be created where the city can sustain its self.

By what I understand, Eve also has some very dynamic and player driven content. This I personally is now a must for any future MMORPG. Give the player the ability to actually do something in the world that matters.

Of course, Shadowbane is going through a rough launch right now. I'm hoping in the next few months they can get things worked out well, and prove that a dynamic MMORPG is possible.