According to SE, FFXI has had more than 500k players at some point in its life. Amazingly quite a few years after its initial launch.
http://www.playonline.com/pcd/topics...opics_all.html
I think the joke at the time was to figure out how many of those were RMT, but you can't really make that call with any game.
It's no WoW, but then again... I don't think any game will beat that one any time soon.
I understand FFXI is old at this point, but old games do get some reworks. Ultima Online just celebrated its 14th birthday, and their devs are still developing content for it. This is with Mythic also having two other MMOs running at the same time along side it.
Everquest is still running, and looks like it gets updates of some kind twice a month. They're also on their 17th expansion, soon to be 18th in November (which apparently will raise their level cap and add 12 new zones, among other things). Pretty good for a game that came out in what? 1999?
I don't think FFXI will ever see a complete overhaul, but can we stop punching it in the face with the "You're too old!" line? If SE is smart they'll run both games, and develop for both. This is the best way to gain the most overall subscribers.
As far as FF14 goes... I'll wait until 2013 to see how it all pans out. I still enjoy XI, and will continue to play it for the time being.

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