Yes, we got this in 2014 I believe.
One. I never used it as for me it doesn't look nice compared to others, but never mind
VIP players have all racial slots unlocked. When no longer VIP, your characters retain all these slots. They can be also purchased.
+100% XP for 30% of a level (daily upon login). This can be also purchased.
Correct.
Yes. I think most will agree that those presents could be better.
Except for those acquired through expansions.
Yes. Both access to Moors and classes can be purchased also.
This I have to say I'm not sure what it is exactly.
Yes. This can be purchased also.
We need better recipes, crafting definitely need to be viable again.
Yes. This can be purchased also.
Yes. This can be purchased also.
Yes. This can be purchased also.
Yes. This can be purchased also.
So, there is also access to the legendary server and event server. And we don't have to pay upkeep for our houses. And latest Subscriber's Jug and Town Service. If I missed anything else, I hope someone will mention.
The list looks good at glance. But, many of those things will stay unlocked after you no longer have sub, and many can be bought in the store. Hence newer players will have benefits out of it while many long time players got all by time and can just drop the sub. That is why I wrote what can be bought.
So question is what can be done to improve yearly sub... and I won't pretend that I am a smart cookie and know the answer to this

I think developers might have a hard time to come up with something. One of the problems is the fact that people on various levels need very different things. Another is the fact that people value or use different things. Like for example I'm rarely in Moors and haven't even stepped onto legendary server and event server. But I surely also do not expect nor want sub to be based on my preferences. Sub have to cover great variety of people. So I think we need to look into something that would be more or less generally desirable. For example store discount for VIP players, ability to buy new area with points right away, mithril coins, reduced grind and such sort of thing. Better weekly presents, perhaps being able to choose between few things. There are many people who also like cosmetics, so some mount or housing deco, avatar frames, outfits and so on. Or alternatively reducing some benefits and giving all content for free. Perhaps someone have other and better ideas hopefully
