I bought ffxi last october. It is not as bad as people say it is in this thread. Of course it has PvE (like every other mmorpg) but there are tons of other stuff to do in the game. Everyone just wants to zoom to level 75 without getting anything out of what it has to offer. How many here were able to get rank 7, 8, 9..? Barely at rank 5 the quests/storyline start to get good. The shadowlord quest alone was totally awesome. There are still several zilart missions left, plus the expansion just came out. There is plenty to do.
The economy is very good, the auction house system rocks, the game is as fine tuned as can be. There are NO bugs, everything WORKS. They just released an expansion, and there has been little to no downtime at all, and I think 4 bugs were introduced that were quite small (graphics glitches and stuff). The huge upside to the game as well is the ability to have a subjob and gain some aspects of another job (at half your level) and also to change jobs completely. I've gotten my thief to 55, a warrior to 34, and I am just now starting ninja. The time I spent leveling warrior is not wasted because I get whatever abilities warrior gets by subbing warrior, and my 1 handed sword stays at a high level.
Downsides of course, the japanese language gap can be pretty daunting (there is a translator but it doesn't have many words), so for complex jobs that take alot of setup you usually don't party with jp's, although I have. It is very hard to get gil, and some quests are insanely difficult (I got a lu shangs fishing rod - I had to turn in 10,000 (yes four zeros) moat carps (a fish) to this guy for it.) The interface was made for ps2 - not pc and many people hate it. I found it very difficult until I got a ps2 controller to use, it works beautifully now. It is not a game for pvp people (although they are slowly introducing it), and for people who want to solo (unless you are a beastmaster), but I am enjoying much more than I ever did with EQ or DAOC.