I also remember those days, I also played Everquest 1 & 2. The problem is that they never bonded me to that level. I found Everquest 1 ridiculously difficult (Trains incoming!!!!!!!!!), I must admit those were fun days, running like hell, but the game was not fun it was (fun) work!
By definition people define fun in different ways, and for you I think something that is challenging is fun. For me something that is challenging is fun as well but I don't have the time to dedicate to a game at the more difficult level. I am currently playing Lotro and though it is easier I still die frequently and don't even compete in the 12 or 24 man instances because I don't have time.
I have a dedicated MMO friend who feels the current games are easy, we spoke about it over the weekend. He feels Lotro is too easy and he want more difficulty but yet when I asked him about the Balroc raid they failed multiple times, So there are still things he can strive towards.
I feel they must build a handicap system into your choice list so that you can change your degree of difficulty, I think they started doing it in Mines of Moria where some of the instances have difficulty settings to make it more of a challenge. Just imagine how much smaller Golf’s player base would be if it wasn’t for the handicap system (Yes cheaters/losers do use it to their exploit).
I for one love Lotro, some elements are easier but I still find it challenging enough and epic enough to be fun, I am glad about the coming changes, it might mean that I can spend some time with all the dedicated level 60 players for once, until the next level increase and then they all will just run ahead of me again.
I think we all must see the game in the context of the other players, some have lots of time others don't, Turbine is trying to cater for both camps and from the look of things the next book might add some things for the more dedicated players as well.
Yours Sincerely
Nictron