I agree with most things being said here and it rings pretty true to me. I have not been able to recapture the early magic of Everquest and other games back then. Classic WoW was pretty damn good too.
I am back playing WoW (I go back every 2 expansions and max a character). It is still a solid game, but lacks the necessity of a community.
I have one example that does NOT fit into the problems discussed on this thread: Minecraft!
Minecraft is a game changer. Innovative, creative, great community aspect, and a blast. I am taking a break from it right now, but I always go back with new ideas