I've played a lot of MMOs, with FFXI being my favorite, but something I liked about WoW was that NPCs actually did things in-game in reaction to your quest, instead of just the screen fading to a cutscene and then back to normal. Those who've played WOTLK may remember quests in Northrend, where the Lich King would appear, talk to you, and do various things as if it were a cutscene, but it was all in-game.
Now, WoW didn't have a story or quests as interesting as many of FFXI's cutscenes, but I liked that they tried to do something similar but in the interactive game world, where you could still control your character, instead of a cutscene. It cant hurt to borrow a few good elements from other games. Square did that when they created the first Final Fantasy. Square did it again when they created FFXI.
I know a lot of FFXI players get insulted and laugh when they hear TOR's claim of being the first "story-based MMO", but they released a trailer recently showing their version, and I hope Square has something more interactive/compelling than FFXI's cutscenes in mind for their next generation MMO. Would you complain if FFXIV's story/cutscenes unfolded in a way more like this?