The compelling part of a RPG is the process of discovery - discovering the world, the story, monsters, powers, etc.  If the content is hand-crafted, there's always something new around the corner, which keeps the game fresh.<p>The problem with autogenerated content is that the process of discovery changes to discovering the algorithms used to generate the content.  Once the player has discovered those algorithms, it's impossible to continue having a fresh experience.  So "autogenerated" is, at best, taking hand-crafted content, repeating it a few times, and changing some details in the hope that the player won't notice the repetition right away.<p>This is, of course, only in the context of traditional RPGs - more sandbox-style games, like Dwarf Fortress, or Love (or, hell, at the other extreme of auto-generated content, Tetris) can do just fine.