I haven't played since 2009, so I can't comment on changes made since then.
When I was playing, I was in lurv with this game. SO much so, I had started a blog about VG until I gave up and quit playing:
http://deadlillith.blogspot.com/
BUT, I'm not a raider or a super social player. Err... Also, I've never played WoW, therefore I cannot compare.
And apparently I am all alone here, but I LOVED IoD. I loved it so much, I started like a zillion alts just so I could start over on the island!!
And I would max out crafting and diplomacy, as well as adventuring on the island, to further extend my stay there. It was F-U-N!!
The chicken candy & feeding that little fairy so she'd turn into a monster... I had so much fun!! Which is why I play games in the first place...
I even grew to understand, respect and enjoy diplomacy (although I've since forgotten what the point is).
Anyway, I also loved the housing in VG. Building your GH or house and it was really there, not just a clicky door. That was fun.
I'm sure a lot of it has to do with VG being my first ever intro to an MMO, but the environment sucked me in 100%. The ambient sounds, the music, the scenery... All of it... I was no longer sitting at my computer, staring at a monitor... I was in Telon.