there were no factions, kill anyone you want. no lvl restrictions, just all out pvp with some bad consequences should you get carried away. the drama was yours to create. i remember logging into the forums the next morning to read about who killed who, who dropped what gear and how pissed off they are.
that's what wow is missing, drama. no one pvps in wow cause there's no drama. you can't curse at them for killing you and how you're gonna bring your friends to kill his friends. there's no reason to join a guild in wow, next week you'll be in a new one with new people. i never had a wow friend that lasted more than a month, in conquer i had friends for more than a year. also had enemies that would last longer. there was real competition in conquer, you get the best gear so you can kill that other nerd you don't like because he killed you back when you were lvl 15 or he sat at on your unique drop when you were still wearing normals.
the game wasn't perfect but it at least promoted competition. today's mmo's don't seem to have real open pvp anymore.