The same thing happened to WoW back in the day, everything can be turned around, it is just difficult to compete with a game(WoW) that has been around for this many years which has a lot of content in it.
When SWTOR get more Flashpoints, raids and warzones, quest areas, and a proper achievment system, I think the game will start moving forward again.
However, if EA does not put money into getting stuff like this done, I think the game will go Titanic.
No MMOS are competing with WoW anymore, it's in its declining stage. I honestly could care less for the comparisons anymore, WoW had its time. It hit its peak a few years ago and now it's slowly dropping down.
What's holding it back is innovation and proper funding.