I've played every major MMO since Vanilla WoW. Finally, one that competes: TERA.
Tera officially "launched" today but pre-order players were given early access and a few days head start. From the minute servers opened up for the head start event, the chat box almost seemed spammed by the words "beautiful" and "fun". I definitely can't argue. TERA's combat system is FAR from "point and click" that you get from all other popular MMO's these days. Aim your blade, your bow and your staff well because every hit counts. My favorite thing about this game is the SCALE of things. Walking down a canyon is truly breathtaking. You really get a sense of house small you are in this beautiful, rather scary world where you can get slashed by an outlaw player or attacked by an angry mob of Orc children (literally a quest). My favorite thing about WoW was that every new zone I entered, I expected to be blown away by the excellent graphics and how different it looked from the others. I get that EXACT feeling from TERA, only now the graphics aren't almost a decade old.
The PVP in TERA is an interesting take. While the game currently has no battlegames or arenas, world PVP is dominant and easy to find. Join a guild that's at war with another guild and go on a killing spree. Your guild gets rewards for winning guild wars, and you feel like a badass every time you kill an enemy because this game isn't just loaded with burst damage that'll allow you to crit someone's face off on one lucky strike. You'll have some very, very intense PVP battles in this game. Alternatively, if you don't like GVG (Guild vs. Guild) PVP, you can become an "outlaw" allowing you to attack any and all players - and giving them the option to attack you.
In short: If you want a fresh combat system, graphics that will make you **** your pants, and some intense competitive PVP amongst guilds, then you should definitely check out TERA. Watching the youtube vids simply won't do it... Pick up a copy and swing a greatsword for yourself.