Runes of Magic is definitely a capable entrant into this dominated genre. It has decent technology running it which really doesn't cost you anything, so it's not a huge loss the game looks dated, and the bells and whistles you'd expect with this type of game are completely intact. It's just a bit smaller in scope, and as a result might not appeal to some.
Beyond that, you could be turned off by the clear parallel in design, presentation and visual direction to World of WarCraft, but hey what's wrong with having heroes. Ultimately, this is a free MMO and it holds its own as a result - just don't go expecting anything utterly life-changing or genre expanding.