Just my opinions here, but...
1. World Consolidation - It has been both good (larger populations on each active server) and bad (performance declines, naming issues, just the pain and agony of 'losing' your home server), but it's pretty much a necessity in a mature (read 'older') MMO. While Turbine has been far from perfect here, I think they have done about as good a job as any, considering that Turbine is part of WB and significant aspects of the datacenter builds/server closures have 'Big Company' fingerprints all over them. Turbine has not, IMO, been calling the tune on many of these decisions.
2. Poor Moderation - One of the things that can fall away quickest when human resources get stretched, and Turbine has definately been in that situation.
3. Frelorn has been out sick, and I expect he has also been flooded with various messages and priorities. Delays should be expected.
4. The license does expire next year, but I seriously doubt there is a firm (let alone more than one) ready to launch a multi-million dollar (and multi-year) campaign to "Do LOTRO Right", assuming there was a real 'right' version - each of us have our own 'right and proper' version in our minds, and no two are in full and complete agreement. Even if Turbine/WB made it clear that revenues had dropped too far and license fees had to be adjusted, almost any revenue from LOTRO would beat what a hypothetical New Firm could offer at start. Any such New Firm would face outrage from the former LOTRO players (a huge percentage of their likely client base) for 'killing' LOTRO, no matter how quickly or smoothly (neither likely to be 'very') they brought out a New Version. Add in that no matter how much they tried to 'borrow', WB would be after them for copyright violations, adding more millions in legal expenses to their development costs and delays to their product release.
I just do not see the license being much of an issue, especially if WB wants (as they seem to) to tie up the complete IP under the WB corporate umbrella. Unless a very devoted (clinically obsessed?) LOTRO player wins a huge PowerBall jackpot, WB/Turbine's LOTRO will be here.
Even then, the smart thing would be to try to buy Turbine from WB...
Be well and good questing, all! See you about Middle Earth another time!