As we all know, it was taken out as an update on December 10, 2007. Along with it, Bounty Hunter and Clan Wars were added; also Duel Arena was made available for Free Players. Instead of Player-Killers (PKers) in the Wilderness as a danger, there were Revenants that replaced them.
Why did JaGeX decide to do this? To stop Real-World Item Trading, or RWT. All those yellow-shirted, bald bots were part of that, and now there are nearly none of them. There is also a limit of how much you give to another player, which is at most 3,000 gp for Free Players. There are also Gravemarkers if you die, which maintain all your items for a period of time and lets you gain them back; if you don't get there in time, they disappear to everybody.
Many people were upset about this, but JaGeX still did not change the Wilderness and people still seem to be upset, even after six months. We all have to not live in the past and move on. Instead of the old features that were replaced, think of alternatives.
Instead of ... Merchanting
Invest or item flip on the Grand Exchange. You can easily make the same amount, or even more, on GE instead of merchanting. This can be done by investing, which is where you track an item and buy it low, then sell it at a high price in hopes of making a profit. Then, there is item flipping, which is when you buy a large quantity of an item at maybe the Market Value, then sell it at the Maximum price (on GE).
Instead of ... Staking
PK in Bounty Hunter (BH) or stake 3k against friends, or compete in Duel Tournaments. You should to PK in BH if you were good at staking. You might have to train your stats up a little to get within the ideal levels of BH. However, if the staking stats were not meant for PKing, you can always stake with your friends, stake 3k against others (every 15 minutes), or make awesome Duel Arena videos. For Duel Tournaments, you can get quite a lot of money too.
Instead of ... Intense Clan Wars at Level 40 Wilderness
Go to Clan Wars arena with friends or join some body else's clan. Even though it is a safe mini-game, you can still have a great thrill trying this, especially if there are good and many players on each side. Additionally, there are multiple strategies, even though many people think there are not, to clan wars, such as diversions, sneaking up, grouping, etc. So in Clan Wars, you can have a fun time, without losing all your stuff if you die.
Instead of ... PK Trips
Go join, or make, a clan for Bounty Hunter. You can then all stand in the middle and try and kill gruesome opponents. This is a great substitute for crazy PK Trips. At one moment it will be completely calm, and the next it will be complete chaos. Get some friends together and get out there! Additionally, you could go for a Revenant trip, which is when you and a few others try to seek and kill Revenants. Since they do not drop the best drops (mostly coins), they are mostly for fun.
Instead of ... Drop Parties
Try the party room. Get together a bunch of friends, and if you drop a high amount of money, the party room will be packed with other people, too. You could also drop items less than 3k in value, except you can only drop items up to 3k in 15 minutes.
Instead of ... Bots
There are next to no bots at all, so everybody can mine, cut or fish better than ever. The bots used to always hog the yew trees, which was upsetting for me since I used to woodcut quite frequently. Also, the bots made the economy unstable since there were high quantities of raw material around, which made them valued less (supply & demand).
Instead of ... Helping People with a Skill
Use the Assist System. It is a great alternative and helps stop scammers since you basically “lend” another player you skill level.
Instead of ... Item Lending
There will be an Item Lending feature in the future. JaGeX is currently working on it and the details will come out, hopefully, soon.
Instead of ... Sharing Monster Drops
You can all be in the same Clan Chat and turn LootShare, with or without CoinShare on. This system is quite fair in splitting the assets gained from a strong monster drop (such as the King Black Dragon, Chaos Elemental, Kalphite Queen, etc.)
Instead of ... PKing
You can always use Bounty Hunter. Actually, I think I enjoy BH better than the old Wilderness because you cannot teleport in the midst of a battle in BH. Even though you can exit the crater, you could do that with the old wilderness too (by running in to lower level wilderness). Bounty hunter really gets your adrenaline pumping and if you haven't tried it yet with a good account to, I suggest you do.
In Conclusion
So far, instead of the old Wilderness and trade limit, there has been Bounty Hunter, Clan Wars, Fist of Guthix, Grand Exchange, Gravestones, F2P Duel Arena, F2P Party Room, LootShare and CoinShare, Revenants, Assist System, and probably even more that I am forgetting. There will also be more in the future, says JaGeX themselves. One example: “Next year, we have planned a chase-based PKing game where some players are trying to survive/escape while others try to hunt them down.” There has also been talk of a dangerous (you lose your items), multi-combat mini-game.
Many people think that RuneScape has been ruined, but I believe that the future is looking quite bright and this is only the beginning.
“Alea jacta est.” (The die has been cast.) - Julius Caesar