I think "Old Republic Online" is going to do just fine honestly. I have few doubts it will make a profit despite it's huge development costs, even if it doesn't take WoW down, it's liable to be a solid product. It's like saying a console that has sold 20 million units is a failure because another one sold 50 million units or whatever, your still dealing with a successful and profitable product and a solid market to sell to.
With "Warhammer" the franchise was pretty much high nerdism. Sure to nerds "Warhammer" is a big liscence, but if you don't follow minature wargamming or read the novels spun off of it, the liscence is liable to be meaningless to you. It's not "Star Wars" which is part of popular meta-consciousness at least in the first world.
On top of this "Warhammer" was fundementally broken, the game had some neat ideas, but it was based largely off of PVP, and the two factions were substantially unbalanced. It pretty much continued the trend that the "bad" or ugly faction is going to be favored by the developers, for whatever reason. Simply put they put more work into the "destruction" side
to make it cool, and the abillities the characters had were just flat out better, especially in PVP. This was REALLY obvious in the hype leading up to the game, and people looking at promotions like the "Road to WAR" game should have noticed a massive population imbalance as well, with FAR more people going to the Destruction side. Add to this very limited character customization (everyone pretty much looks the same as far as armor styles and such... your White Lion is unlikely to look much differant from a White Lion of the same level, or even one several levels above or below you), and limited PVE content, and you can see why the game saw a mass exodus. Few people want to dedicate themselves to unbalanced PVP for months on end with little else to do.
The big question with "Old Republic Online" is whether or not anything was learned from "Warhammer". Truthfully I think the liscence and developer cred is going to prevent this one from dying out after a month, but at the same token I *DO* see a definate focus on the entire "Sith" side of things both in terms of "cool factor" and the time they are putting into it, and actual in-game abillities. I also get the impression from various forums that for all the vocal Jedi players, that there are going to be far more people rolling "Dark Side" like we saw with Destruction. On the other hand, even if they are going to destroy PVP right from the outset, it seems like a game that is liable to have more in the way of PVE content to keep people interested.
Looking at DCUO (DC Universe Online) Sony has promised substantial montly content additions which if they can deliver might be a sign of a company having found a way to solve the limited content problem (I could say more on my theories about how they are doing it, if they succeed in fulfilling that promise but we'll see). I'm guessing that like SoE, Bioware/EA probably put some thought into the content issue themselves and how to solve the problem of having enough material to hold interest, or at least deep enough material for people to want to keep playing and replaying it.
I can understand the wariness, we usually start to see this a few months before presumed release. Then we'll see a major hype blitz as all the game journalists are given money to talk about how awesome the game looks, how much they are looking forward to it, and saying nice things about it. This is also the point where you'll usually see the beta NDA dropped, or at least Beta Testers willing to break silence anonymously, and allowing for general gamer negativity you can find out quite a bit about the game itself and how much effort the company put into releasing it as a quality product. A big question is will we see Beta testers saying that they are burned out after a couple months of beta? Another will of course be about bugs, and if we've seen noticible ones going untreated for months. After this period we'll start to see a lot of "buyers guilt" from people who spent $60, and start to get a feel on whether or not purchusers thought it was worthwhile (one way or another). This is also the point where you start to see more balanced criticism from the gaming media about a game, rather than "OMG, it's wonderful".
Not a totally accurate synopsis I suppose, but that's how the chain of events moves. I wouldn't be too concerned about things now. Honestly, one of the other things to consider is that investors have a right to be wary, but should also keep in mind that this is the first attmpt to properly budget an MMORPG on the scale that would be needed to compete with WoW. A big problem with failed MMORPGs is that they launch in a state that would have been competitive content-wise with what WoW had when it first started... the problem with that is that they are not competing with WoW when it first started. All those expansions and such are out there now, and a game needs to consider that in the amount of material it has. With $300 million dollars "Old Republic" has a chance of being that content rich, while the "EA Louse" has made be wary, I can't believe that they literally wasted it all on sound design.