Never tried GuildWars, but I played Runes of Magic for about 6 months (max lvl of course, was an officer of one of the top three end-game guilds of my server - so I can say I gave the game a fair shake...) Runes has quite a small world, the PvP is god-awful (effectively removing it because nobody participates), customization is nigh non-existant and it is INCREDIBLY gear-dependent, in fact more so than any other MMO I've ever played - I know of many players who've spent thousands of dollars and one particularly egregious example of somebody who had spent over $10,000 - within 3 months of the games "retail" launch (though the game's cash shop had been open for the last 3 months or so of open beta.)
You will not be able to do any end-game instances (Treasure Trove/IDK50 and beyond) in RoM without spending a nice chunk of change (it's around $300 for the ability to full-mod a full set of armor - which you will ultimately do several times (and certainly again with each additional zone/level cap increase that's released) - and doesn't even begin to account for what you'll spend in time and treasure GETTING the mods you now have the "ability" to use... also doesn't account for weapons...)
Ultimately I quit because the things developers had promised were coming in the near future never materialized (I was most interested in better PvP and guild castle sieges) and without good PvP all the gameplay involved: do instance (dungeon) A to get enough mods (mods in the game are "enhancements you put on your gear that will give you, say, "+20 strength, +20 defense" and there are lots of different ones, to put it simply) that you're able to do instance B, farm instance B until you and your friends are good enough for instance C, etc, rinse repeat. Oh, and each piece of gear (15 pieces total on a character iirc) can hold 6 of those mods, but for all intents and purposes you have to pay real $ to get an item to put them on a piece... and that item is around $3 each... $3x6x15... basically per dungeon/instance you can do.
One of the days I'd like to check out Guild Wars, but that's my take on Runes of Magic.
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