Since I only played a Beta Weekend of GW (and it just so happened to be on my Birthday Weekend and my Cousin Comes Home From The Air Force For A Few Days Weekend), I have no idea how the gameplay really is. However, I am a huge nut for RPG's, and the game has gotten some great reviews (9.2 from GameSpot, who is generally very tough and critical), so it's definitely a must-buy for the summer, along with Battlefield 2.
However, CoH can NEVER be replaced as my favorite game ever, MMO ever, RPG ever, MMORPG ever, whatever. It just IS. It would take some kind of super-game with every good thing possible in a game, which had 5000 levels and an endless supply of things to do, to truly replace CoH.
World of Warcraft almost did replace CoH but then I returned to CoH and remembered why I love it: it's more fun than anything out there. Guild Wars, I know for a fact judging by what I played and what I've heard about its content and long-term fun-factor, cannot replace CoH, though it can be somewhat close to creating a council to summon a mage to create a portal to contact a council to bring together a council to decide that it maybe could be about a one-hundredth as great as CoH.