I think MMOs have really scratched the itch when it comes to roll-playing. The amount of tweaking and analysis the player can do is quite high. They never argue with the DM over the rules because the game is the rules. God help the devs that patch a change the players dont like though.
MMOs are easy to get into, cater to a lot of playstyles and are very attractive.
Role-playing is where PnP can still have a place. MMOs must stictly limit the actions of characters and the story never changes. Everyone gets the same experience. In PnP the world reacts to the players and a good GM is needed to be able to alter the story as the characters progress.
Unfortunately that's where many GMs come apart. They believe that they control the story and so there are many things a player may not do. (like kill the main quest giver -lol) A GM that can absorb erratic behaviour and continue the setting in a believable manner is a gem imo. When the "hero's" become the villians and the game continues with the GM introducing appropriate goals to suit the temperament of the group is an example of the best in PnP gaming.
Ultimately when player decisions are more important than the outcomes, this is my favourite kind of RPG. If the only decision 90% of the time is "kill it"...count me out.