From what I understand of SW:TOR, the game mechanics are so outdated that when people play it, they are going to laugh and never subscribe after the first free month. Also, they have put so much money into the game ... again, from what I've heard, they've spent more than any other mmo, they would need to get a couple million subscribers for a few years just to break even. They aren't going to be able to do this, even if it is Star Wars, and they thing is going to fail.
I do agree with the sentiment that someone else stated... GW2 and Tera WILL be competition for Rift. Yes, Tera is "twitch" combat, but I think that people are looking for something different, and that might be just what the mmo market needs. I can think of nothing better than a tank that protects the group having to actually step in front of a mob to physically keep him away from the group.
With GW2, I don't think it's mainly a pvp game as someone else said, but the fact that things you do affect what happens in the game sounds awesome, and it is something else mmo's need for the future. i.e. Say there's a farmer that is being attacked by creatures, but if a Player didn't destroy the fence that was keeping the monsters out in the first place, then the farmer wouldn't be attacked and wouldn't need saving.
That is my understanding about how GW2 is suppose to work. What you do is suppose to change the world around you. Can they pull that kind of game play off? I don't know. But if they can manage to have that type of gameplay, then it would definitely be major competition with Rift.
Both Rift and GW2 are the games that are saying they will have dynamic worlds in which things occur because of actions that the player does or does not take.