No.
1. They cater to two different groups, fantasy fans and sci-fi fans. while the two groups prolly overlap a whole lot, theres still lots of people who prefers one way mor ethan the other.
2. Way too many people are way too invested in WoW. Both time-wise, where they've farmed their way to lvl 80 and great gear on several characters and also socially, where many people play it as much for the whole social guild thingy as for the actual game. So they're not gonna give up their online friends.
3. WoW has like what? 5 years on it's back, so it's prolly a lot less bug-ridden than a new MMO would be. And once TOR becomes more stable it'll ahev lost it's "new" value.
So while i think TOR could easily be the better game, i don't think it's gonna kill WoW, or take it's 1st place.
For the record, i quit WoW a few years ago. And i'm not planning on picking it up again, neither am i plannign on picking up TOR. I've gotten tired of MMO's alltogeather. So i guess i'm pretty unbiased.