XIV has dated graphics, a tired formula, and the fashion game is worse than PSOld2 even from years and years ago.
You can customize a house that no one will ever visit, if you're lucky and wealthy enough to grab one.
The direction of content is honestly questionable. The game is filled with time sinks galore just for equipment that will be irrelevant in 2-6 months. If you don't spend 200 hours farming, then you're 2nd class.
The story is good at times but it's also ready to be finished. Field areas are all farming zones and while pretty are also empty in the manner of content.
Character customization is atrocious. Every character type has the same 4 face types they introduced in 2.0, except for those races introduced later which are just as limited. Viera is a joke with zero compatibility with any unlockable hairstyle in the game, and Hrothgar doesn't even have hair styles, not to mention helmets don't function with either of them.
While FFXIV 1.x was a tragedy, 2.0 was a downgrade in many ways. The graphics took a hit. Geometry took a hit. Cosmetics took a hit. Belts used to exist with their own functional appearance, and now they'll be deleted in 6.0 while they haven't even been visible since 2.0.
You can still Pay2Win the game by having groups carry you.
You lose skills based on how much lower level of a dungeon you step into.
Monk has been redesigned 3 or 4 times. Astrologian has been redesigned 1 or 2 times and most agree it's worse. Machinist has had a complete redesign. Bard has been redesigned. Warrior has been redesigned. Dark Knight has been redesigned. Scholar has been tweaked extremely hard. Point is, no job is safe and a job that might be your favorite today could be hated by you tomorrow. Some of these had positive reception, some neutral, and some negative.
PVP is garbage but at least that's one thing it matches PSO2 in. No one wants to play either.
And I love the game. I really do. I played it faithfully until PSO2 NA came out and I plan to go back to it. But I plan to go back to it in order to finish the story, and not in hopes that the game will continue for a long time.
PSO2's major issues are: Lack of content Lag
And on the subject of lag, you have to have amnesia to deny FFXIV has been free of it. Every expansion barring 5.0 (they did a good job on this one) has been a lag fest. 4.0 was so bad it caused unforgettable memes. Most people that play the game now weren't around for the launch of 2.0, but it was even worse then, and the betas before that were quite literally unplayable.
And what does everyone do when they catch up to the newest patch? They either grind for soon to be outdated gear, or they wait with a lack of content. It's not like any game is immune to this, but highly competitive games can at least have players entertain themselves.
The Personal Market has been accessible to free players for a very long time now via FUN Scratch. The My Shop ticket may not be obtainable anymore, but it's likely to change.
NGS has a lot of time before you should even begin comparing it to XIV. NGS brought with it a lot of cosmetics and usable early game equipment, but is otherwise a fairly fresh game.