MMORPGs, Flawed by Nature - "Grind"

It seems like everyone I know that plays MMOs just gets burned out by them, myself included.  Is the current model just inherently flawed?  What's the biggest problem?  What can be done to fix it?  Are minor tweaks all that are needed, or is a massive overhaul necessary?

2013 here, hate to see your hopes and dreams for the MMORPG genre crushed 2005. The genre has stagnated and it's as shitty as ever.