Of course it does, right? We make alts and more alts and there's so much we haven't even done yet. Right?
Recruit a Myself, heirlooms, and badge farming say otherwise.
Sure, we make alts. But do we play them? Perhaps. But we certainly aren't replaying WoW. Or we're trying very hard not to.
Once upon a time I thought that people rushed up because their guild needed that class and rerolling was a way to fill that. They didn't necessarily want to rush through the game, but they didn't want to keep people waiting. I don't think that's the case anymore except in the most hardcore of guilds, where they are most likely to have an attitude of "bring the player, but they must be of the ideal class". Of course some people do still reroll when they realize that ICC raids aren't exactly starved for this or that overplayed class.
What does an alt do these days? It loads up on heirlooms and RAF and tries to hit 80 as fast as possible. In other words, attempting to skip as much leveling content as possible, which is a massive part of the game. So much for replay value, if we actively attempt to avoid it.
Then at 80 they avoid Naxx and Ulduar and ToC and the mean dragons. They ignore quests. Instead they rush into heroics and rush through heroics for badges so they can skip a few tiers up to ICC. Apparently nothing except ICC has any replay value.
MC, BWL, ZG, AQ, Kara, Gruul, Mag, TK, SC, BT, and Sunwell had no replay value either. When was the last time you ran any of those?
Based on how players play it, or more relevantly, don't play it, WoW has almost no replay value with the sole exception of an awesome last boss fight. Everything else we try as hard as we can to skip. Sometimes we say we've done it a million times already so it's boring, and I can accept that for any raid and any instance.
But how many times have you done the quests in the Barrens? Teldrassil? Badlands? Are there possibly races that you've never even played, zones you've never seen? I'm sure that whoever you are, there are probably hundreds of quests that you've never seen, never done, possibly never knew existed, never even seen the quest giver. At this point replay value isn't even relevant anymore, since it's not replay, it's new, but ignored.
Can you imagine getting a new book, reading every other page, and then re-reading the last chapter a few dozen times? Have you ever done that? If yes, are you crazy? What the hell is wrong with you? Do you have no concept of plot? Or wait, let me guess... you're one of those elitist pricks who thinks doing things in absurd ways is somehow better. I bet you say "good morning" after midnight, just because you think it's 'interesting' I bet you insist on listening to arrhythmic jazz and tapping your foot in the most irritating manner possible. I bet you pay good money for art painted by monkeys so you can point it out to guests while wearing a turtle-neck and drinking wine about which you will make absurd comments such as "fruity with a sour hint at the end." Yea, that's called grape juice that turned into wine and then went further into vinegar. But you don't mind, you think that's just a special aging process.
Where was I?