I'd say "all of the above" or "some of the above" at least.
To me, it started out as playing with friends (from real life). This was the most fun, we were leveling together in party and pvp/woe was not something we knew about yet.
Then a few months after, as we were higher lvl, it became all about woe as a guild (still mostly friends), lots of teamwork made it really fun.
Ragnarok offers a good mix of things, where a lot of different people can find what they like. Be it pvp/woe, roleplaying, hat collecting, leveling solo or in party.