Maybe I'm crazy, but I just think that waiting many years to put out a MMORPG, and hope it's something people will like is not a good business model for the next big thing. Its failed just too many times and cost way too much money for the risk involved.
What if a small company (or even bedroom operation) took a completely different approach to making a MMORPG, and in stead made it completely transparent to the players.
From day one of the first pre-pre-pre-pre-Alpha build that actually manages to build and run for any length of time, you put that sucker out there as "this is what we are working on". Let it be known upfront that the game will change drastically with no notice, characters will be deleted non-stop (until the game is released), and you probably can't count on even connecting to a working server most of the time.
Put it out in that state 100% free, and let your customers decide to donate to the project if they want. Start with something like character creation. Add in some UI. Put in one non-descript area to move around. Toss a mob in to hit. Little by little the game comes to life all the while your potential customers are watching and participating with you along the way.
It probably wouldn't work, but it wouldn't hurt to try something other than the typical throw hundreds of millions of dollars at a development studio and pray you get a game that lasts more than a month when it releases.