Personally I think VG has great potential. There's some fundamental flaws that are obviously a result of Sigil's pie-in-the-sky project management. I believe SoE will iron these out and we'll have the foundations of something special.
Brad's idea that everyone loves travelling rediculous distances at slow speed before you can start playing has already been pushed aside. The riftway network and the merged chat channels means grouping is faster and easier - which is a good thing seeing as the initial bugs wiped out maybe 2/3 of the people who originally started playing.
There are some other issues too atm. Class balance for example - Clerics are just indestructible. Unless the mob is massively powerful, chances are a cleric can solo it. Think Necro from Luclin-era EQ1 (no idea what EQ1 class balance is like now). Generally healers in VG are extremely powerful, with mages a close second, scouts third and poor fighters being almost completely dependent on grouping. Grouping is great, but when you can't find a group you need to be able to play - this had led to a lack of plate tanks outside of regular groups and guild groups.
I'm sure SoE will address class balance quickly. It's a major issue and they did a great job of this in EQ2. Apart from that, VG is huge... huge huge huge.. and there is lots of unspoiled, unfarmed, untouched content to discover.
I could give you a huge list of things that are wrong with the game, or rather a list of the bugs - there are many. But they are just bugs, and SoE have invested millions in VG, they're not exactly going to casually watch that money go down the drain. Evil corporations hell bent on industry domination don't like wasting money. The fact remains that the game is fun to play and absolutely huge. It'll be magnificent when the bugs are gone.