It doesn't hold up but while it was happening I don't think there was a better gaming experience than Vanilla WoW. Obviously for some it wasn't the first MMO experience, but for many it was, and it was pure magic.
The random friends made, and mortal enemies you would drop everything you were doing to try and kill. Spending 6 hours clearing a dungeon(read wailing caverns) for the first time with random people you met in chat. Getting your first mount, walking into molten core with 39 other people and killing your first raid boss. Getting your first epic. The stupidity of barrens chat/whatever the equivalent the scumbag alliance had. The first time you had guild mates come to your rescue when some no-life higher level person was camping you and it devolving into an impromptu war between everyone in the zone and their friends. That time you pulled off an epic 1 v 2. Shit talking all the other classes in your guilds class chat during raids.
The drama ohh the drama, the e-gf/bf that became peoples husbands and wives, the guild leaders wife e-humping half the guild. Relationships destroyed because someone would rather spend their time in azeroth that just about anything else.
Drooling over the gear the best players on the server had. Battling on the front lines of alterac valley all night, going to bed and rejoining the same battle, sometimes to cheers from your fellow soldiers that you had rejoined the fight.
I don't think there will ever be anything like it again, we know too much, have access to to much info, but for that brief period in time wow was the greatest game ever.