I dunno, Ragnarok was pretty much the MMO for years and years, I wouldn't underestimate it because of that.
As far as RO2, or whatever it was called, everything I've heard about the reason for it flopping was because the people who are now in charge of Lime got tired of the direction the RO2 developers were taking the game and walked out. RO2 launched, and it blew chunks, so they begged the Lime folks to come back.
That's how I understand it anyway. If that's the case, they really can't be blamed for how RO2 came out.