Dungeons
If you went to a dungeon in AoC or WoW there would be a huge story about it. They would tell you all backgrounds about it, all about its inhabitants and its history.
Okay, I admit that I haven't seen the endgame yet. I'm only lvl40, but all dungeons I've seen so far didn't have a story at all. Few examples: Haukke manor - some noblewoman went insane after losing her beauty. Go kill her.
Or even better - Brayfox. I need goblin cheese. Go get some. Temple of Quan? Same BS. The only lore to the dungeons is summed up in the quest description.

Characters
Some WoW characters were really deep and interesting. What do we have here?
The 3 GC leaders without any kind of depth to them or biography. A little sultana that was shown only once. Why not tell more about them?