I would also say that Guild Wars wasn't really an underdog from the get-go, it just wasn't as hyped as the recent MMORPG releases (WoW and EQII). In reality, Guild Wars is not an MMORPG, it is a different class of game. Comparing it to those two isn't quite apples to oranges, but it is like comparing a green apple to a candied apple. They are similar in many ways, but different in just as many.
Guild Wars is more like a cooperative online RPG, like Baldur's Gate or Diablo in multiplayer mode. The difference here is that this is persistent, and that the scale has been multiplied many times.
Anyway, Guild Wars is a great game, and it's a step in the right direction for online gaming. It isn't an underdog because it isn't directly competing with most other MMOGs (and, as I already explained in brief, it's not technically massively multiplayer).
Quick note: I still hold the opinion that there should be some open zones for both PvP and open zones for PvE that any player can enter (similar to city districts) and the population respawns. This would make the game more MMO than it currently is, and would help promote the sense of community.
~ Captain Blackguard of the
Pirate Ninjas