Guild Wars. Not technically a mmorpg because you play mostly in instanced areas, but still a fine game. No monthly fee. No huge level grind. (20 is the max level and is quickly achieved.) No uber weapons or armor (max stat stuff is easily acquired, elite stuff is only better cosmetically.) No Pk'ers. A very active PvP portion as well as several large storyline campaigns that you can play by yourself or with friends.
It's not everyone's cup of tea, but I like it and have played for 3 years now. (Good part is, since there is no monthly fee, you can drop it and pick it back up again whenever you want without having to maintain a paid account.)