I played today, and my feelings are mixed, which is better than the purely negative reaction I was expecting.
The first time people told me, "oh, try it now, the updates are great!" it really wasn't far enough along.
This time, I actually enjoyed myself quite a bit. Not really monthly subscription level enjoyment, not even close, but the tweaks to the battle system are really pleasant. And it runs much better for me, much less of the pregnant pausing the game put me through every other time I tried to play it.
At the very least, this game is on the right track. It's a nice counterpart to the breakneck pace of playing the Guild Wars 2 BWE. It's a pretty game (seriously, those character designs are unmatched in any active MMO, no joke), with a pace that's a bit lethargic but not as straight-up narcoleptic as it once was. The actual gameplay is still, to put it bluntly, mostly trash. But the world, and (oddly enough, for a game based on bashing monsters to death ad infinitum) the peacefulness really add up.
I'm really happy to see this game slowly crawling towards something better. It's nowhere close yet. But this is the first time since I took the game home that I've actually felt positive about this thing. I'll be playing the trial, and when 2.0 hits I'll give it an honest shot, even if I know this will never be a permanent subscription for me.
If there was ever a candidate for F2P... I know that's been said far too often, but seriously, this game could do with that, or better yet the Guild Wars expansion system. I don't really want to pay monthly for a game like this, that I know has a pace that will only fit into my life in specific stretches. Thankfully, this free period coincides with one!