If any game is going to knock WOW off its pedestal as the dominant mmo it will need to do something that WOW doesn't do and cannot easily copy. One likely strategy is the console MMO. There is a persistent rumour about Lotro being ported to consoles but I am not convinced they will be able to simplify the interface enough to fit it onto a console. A game that is designed for consoles from the ground up is more likely to succeed I think.
Sony seems to think so too and their new MMO "The Agency" is being designed for PS3 and PC (notice which comes first). The game has been described as "pick up and play" and an "online persistent shooter" both of which suggestions seem to be at odds with the game's claim to be an mmorpg but nevertheless we have been promised that the characters will develop rpg like abilities.
DM Osbon over at Construed has snagged an interview with Matt Staroscik, Game Designer & Lead Writer for "The Agency" and there are a few juicy snippets in there. Talk of quests, team play and crafting - Intriguing. This is beginning to sound like a lot more than just a persistent online shooter.