Of course it's not an MMORPG; you don't have to sell your first born to pay the monthly fee! *ba dum tink* :lol
Thank you, thank you. I'm here 'till next Thursday.
In all seriousness though, I think it has most of the qualifications. It does lack some major features that I thoroughly enjoyed in FFXI. Not that I don't like Guild Wars (I think it's an incredible game and it likes to take some free time away from me), but it's quite shallow in comparison to pay-to-play MMO's out there. It's more like Diablo 2, where questing is pretty much the only activity you can do in the game, whereas full MMO games (FFXI as an example) have multitudes of activities like fishing, a fully-featured auction house (wish Guild Wars had one), and more interaction between characters. P2P MMO's just seem to be more complete and resemble more of real life with so much to do and people going every direction.