I'm going to say that not having TC and base building / houses at release in MO1 also hurt that game too. If you don't have a siege mechanic, territorial control, bases to fight over what exactly are you fighting for? Bragging rights I guess, but it seems pointless and aimless. It seems like a core aspect of the game would be to own land and fight over it, but if you can't do that from the beginning and have to wait x months, I'm not sure the game will have enough to keep people coming back till then. This is a lesson the developers of LO learned as well, they didn't have the content, the game got stale and people left. Those people never came back.
As much as TC sucked in MO1, I have to agree. I don't really understand going into persistence without any way to self-sustain out in the world with some kind of housing system. Do they just expect people to live out of towns until it comes around? Just pay a sub for 3-4 months before I can actually build with my guild somewhere?