I am also an Elder and I have got to say that this game has all of the magic that WOW had when I was playing the WOW beta.
The real significant difference is the ability of RVRing no matter what level you are. In the scenerios and some of the RVR areas your character is brought up to what is concidered the minimum level for that zone. So in a tier 2 zone I would be brough up to level 16 (from 11) so I would be an equal opponet on the battlefield. Also there are safe guards in place to deture higher level players from killing lowbies in a lowbie area. Players that try to join in RVR in areas below there level are warned and given 10 seconds to leave, if they do not they are turned into chickens.
Over all I love this game, will it be a WOW killer? Maybe, maybe not. But when WOW first came out there were plenty of people that swore that WOW was not better that EQ.
I think it is definatly worth a try.