I once felt like you do, but for WoW because WoW was my first MMO.
Yes I think it was because we were new and noobs that made it a great experience. We didn't know what to expect, we just accepted this MMO world for what it is. And it was this magical place that kept wowing you.
And no, I don't think we can ever go back to those days, because back then we were like children experiencing new things.
Now, we are grown up adults living in the adult world with consequences. We cannot see MMOs with a child's eyes anymore.
However, I am amazed that so far, no company can make an MMO that wows us like how it wowed us the first time.
Just because I was wowed by Baldur's Gate 2, doesn't mean I will never be wowed by another RPG.
I have recently been wowed by games like Assassin's Creed, Dead Space, Crusader Kings, even Faster Than Light.
Why is there no new MMO that can wow me the way other games have in other genres? Why is the MMO market so stagnant?
The MMO market seems stagnate because instead of innovating, game developers have turned to Asian-inspired grind gimmickfests designed to make you spend as much time as possible paying the game company money while providing negligible rewards. Much of the content is now geared towards Lowest Common Denominator players (read - those who are easily parted with their money, and are too lazy to put any effort into playing anything) and infused with Cash Shop money grabs.
That being said, I have no opposition to Cash Shops per se, but I do object to Pay 2 Win and locking people out of non-expansion content just to make more money. Cosmetic armors, etc in shops are fine by me. Pets, etc in the shops are all fine by me.
Another reason is because instead of designers with imagination (grew up on D&D, etc) and an art degree, we get designers who graduated with an MBA (and who's imagination goes no further than how big their bonus will be) who work for publishers with only the quarterly report in mind. Then there's design by committee and design by micro-management, which are failing strategies in any business, let alone when it comes to MMOs or other games, and from what I've seen and read elsewhere are becoming more common as the more nimble game companies get swallowed up by the behemoths like EA and Activision.