Their focus on graphics and small changes was disappointing for me as well, one of the main attractions of Runescape was the quests and OSRS Gold I feel like they missed many fantastic opportunities. (Elf city??) (Elf city?) I think their quest system is one of the most enjoyable MMOs I've played. However, I don’t see much new content being released. Perhaps I'm being naive but Runescape could be still going well if the team had taken an alternative route.
The main issue is that they continued to do things that divided the fan base instead of being open and accepting. EoC is a perfect example - yes, it meant they can perform things that they could not previously however, it also cost them a large part of their fan base. Even if you prefer EoC, was it really worth the loss in the game's popularity? I do not think so. The cancellations they made could have been avoided by being more flexible.
Another issue that is painfully obvious is that they've been bleeding their Runescape players out to finance a huge series of failures. The money they have was spent on Stellar Dawn and Thirdscape, Mechscape, Thirdscape, a series of free iPhone games and the huge cost of licensing the Transformers brand, as well as the mountainous amount of cash used in making the Transformers game, has all been paid by Runescape players.
Although Jagex's other games (8 Realms, Funorb, etc.) might have made a bit of cash, I doubt that it was enough to cover the development costs for those either, so we've been subsidising these too. Runescape has been deprived of quests because developers are busy working on Cheap Old School RS Gold other games that aren't going to become playable.