People go into the MMO bsuiness with the mindset 'we have to beat WoW' and that's a bad idea cause you just can't. Why? Not cause it's the best game that an MMO could possible be, it isn't, it's cause it's been out for 5 years and it's got 5 years of patches, expansions and community building behind it.
Start small, make it bigger. I think slow and steady wins the race. Bring out a small but very well made game. People will play it for a few weeks and be happy, they might start to trail off but then bring out a content patch. Again small but adding core interesting things which extend play time. Build up the game through these patches and expansions. I mean WoW started off with only 2 continents, very few instances and virtually no end game content and it built up from that.
Also people are too concerned with graphics, they're a minor detail.
That rant aside, I think Bioware is a well funded and well run company who could bring out a very decent game if they just put the words 'WoW killer' out of their head. No one should make a game to beat down another game cause that's just silly. I mean, look at EvE - it's incredibly successful, runs alongside WoW and is a very fun game. It hasn't killed WoW at all but it's still a great MMO that's enjoyed by many.
In the meantime I'll see what GW2 and sw:tor, dont have high hopes for them, but yeah.