I do actually play League.
League is like the McDonald's of the MOBA genre. MOBA games have an extremely steep learning curve, and anybody just starting should probably play League, as it is by far the easiest of the most popular 3. However, the DLC system they have in-place will prevent the game from ever growing, so over time I think most people will get bored with it and move on to other games (or if you're like me, other MOBAs) that don't sacrifice depth for money. That isn't to say it isn't fun, because tic-tac-toe is fun, for about 5 minutes, but sooner or later people realize there's not much to it.
I was interested in that one, being a huge Elder Scrolls fan since Daggerfall. Once I heard they were planning DLC on release, I was a little miffed. Then I heard about the "Oh, here's a quest but you have to pay even more money to get it" NPC, I completely lost interest. Long story short, I still play Daggerfall Tongue
Well, you didn't miss much. I've always been a big fan of
Bioware games, but I didn't like Dragon Age at all. I suppose I'll try it again some day to see if maybe I just wasn't in the right frame of mind when I played it, or if maybe I've grown into the single-player RPG genre, but I get the feeling the outcome will be the same. Suffice it to say, you didn't miss much.
I actually like their system (You can't buy power, only pretty things)
I wish this were true but it's really not. If you play Ranked (the competitive aspect of the game), the people with more heroes and rune pages will always have an advantage over you. This is because, at least in solo queue, there is no way to know what your team is going to pick, or what you will need to pick, so having more rune pages and champions gives you a greater variety to support your team with; as opposed to someone with only a few heroes and a few rune pages. Whether you agree or not, variety is power. The more choices you have, the more diverse of a player you can be, and thus have an edge over your opponents with less choices. Rune Pages and Champions can be unlocked with IP of course, but to unlock all champions and all Rune Pages just by playing, it would take literally thousands of hours, and that's assuming you're winning every game (impossible). This isn't even including the RUNES you need to fill each page either.
What I'm saying is that League is fine for the casual player, but competitively there is no argument that spending money gives you advantages over players that don't.
Of course most people don't even play competitively, so it doesn't matter, but I personally don't like playing with the knowledge that somebody has advantages over me because they spent more. Not only that, but when games have competitive scenes, they are much more fun. You can really get involved in the tournaments and follow your favorite players, just like you would in a professional sport like Football or Soccer. Sadly, for the reasons stated above, League of Legends most likely never will.
On a final note: No replays? No clan support? No observer mode? Heroes of Newerth has 1/10th of the playerbase that League does, and it supports all of those things. Where is that money even going to?