Fred_DM: isn't that what happens to every game that tries to go up against World of Warcraft?
I think the problem is that a lot of MMOs tried to go up against WoW by essentially out WoW-ing WoW. As games like Guild Wars 2, EVE and Tera Online show, you can still be successful in a market with WoW present; the only key thing is to not try to copy WoW.
Tizzysawr: I don't see it as a huge issue even when I play SWTOR myself. It's not really a signal that the game sucks (Though it is not without its issues or glaring omissions), but more of a result of the current MMO landscape where there are too many games competing for too few gamers.
In other words, the bubble is kind of about to burst. Come back in a couple of years and there will only be a few big MMOs, many will have died (Age of Conan and Vanguard, for example) and many more will have gone F2P in attempts to stay afloat, some of them also dying after that. I do believe, however, that a few of them will still be around and relatively big (GW2, SWTOR, WoW, EVE and RIFT, for example), but the amount of MMOs released a year will greatly decrease (And that's a good thing - Remember when the launch of a MMO was an event?) and most will stop trying to be "WoW killers"; instead aiming for smaller numbers (1-2 million subscribers is more than enough to keep most games both afloat and with constant updates; RIFT is said to be doing fine with about 700k though that's just a wild estimate).
I think the bubble already has burst. The fact that WoW is chronically bleeding subscriptions, and the discouraging numbers seen with SW:TOR (the "last of the WoW-type MMOs") are proof positive of that.