Honestly, I could write a 10 volume set on what would make up the ideal mmo. There actually are a lot of individual elements and aspects to go through, and it would be impossible to cover them all in a forum post. I will try to summarize a few key points as best I can.
There are a lot of complicated concepts to explain here.I am not a professional writer, nor am I a professional game designer. I am just an enthusiast that enjoys "mmo theory". As a result, I am sure this post will be underdeveloped for its purpose.
I agree with a lot of people in here regarding certain aspects of individual games, and by taking an amalgomation of them all would, I think, come close to ideal.
For me, number 1 is economy. A static economy based on item drop rates and players farming is quite outdated and boring. The economy should fully involve the players in every aspect, from acquisition of resources, production, price competition, and so on. For this one could model from the early build of Star Wars Galaxies or Ultima Online, expanding on those ideas and, of course, making their implementation fun. Every valuable item in the game should essentially go through a crafting player at some stage.
Second is progression. Again, SWG provided an excellent level of customization and a decent difficulty curve. Levels are obviously quite artificial. A realistic MMO should allow the player to progress in the individual skills he is using, and shape his character based on how he plays. Their interests would then become their strengths. The key is variety, as not everyone enjoys doing the same things day in and day out (see: grinding.) This is not to say that long hours and hard work should be left out of an MMO, as I believe they are key. In fact, ideally there should be no limit on how far one could progress their character. The highest ability levels should be either player-detirmined, or they should be so mind-bogglingly high that only the very very fewest players with 0 life whatsoever would be able to get there. This is not to make the game a ridiculously hard time-sink, but to make non-maxxed characters feel worthwhile. In WoW, they say the game doesn't really begin till you hit the level cap. Also, veteran players who obviously enjoy the game should always have the opportunity to advance their character even further. For example, I would want players to feel proud of the work they put in to build their level 30 ranger, rather than feel inferior to all the level 100 rangers running around, giving them the "gee only 70 more levels" syndrome.
Thirdly we have community. The players you meet and interact with are the driving force for putting in the hours to progress your character. Whether you want to help people, meet people, impress people with your gear, or succeed in hawking your wares to players, there needs to be centrally attracting locations to bring people together for various purposes. Again, I would cite pre-CU SWG for their Medical Centers and Cantinas. Having a general chat channel is neither realistic or effective for building a tightly knit community of players who know and rely on one another. As much as casual players hate it, teamwork needs to be mandatory, or at least vastly more rewarding than solo play. This is not only more "realistic" but it also causes players to again rely on each other to play the game. In WoW you would so often see the max-level noob that had soloed to 60 and only started grouping when they had no other means of upgrading their gear. They would have no clue how to operate in a group, and many even seemed socially atrophied from spending 300 hours on the solo grind.
Next I would say "realism". Now, realism is not something you would expect to be concerned about in a fantasy online game that probably involves magic, orcs, and elves. But, I think its important to make game mechanics that support realistic logistics in terms of how it "would be" if it were actually real. The early days of Everquest had things like boats for continental travel, instead of instant teleportation. Despite the complaints, die hard veterans of the game will tell you that waiting for the boat turned out to be one of those small features that they remember and enjoy. There was a social aspect to chatting with other players waiting on the dock, and a real sense of travel and distance when the boat ride took 15-20 minutes to cross the ocean of tears. Even a sense of danger for younger players as one never knew when the boat could be boarded by undead pirates lurking in the water. Similarly, early EQ items had "realistic" stats where in early-mid levels you would be using non-magic weapons and armor that had no HP or stats of any kind other than armor or weapon damage. This made actually finding a magic item exciting and rare, and the player valued that item very much because of the memory of the adventure they had in acquiring it.
It is my opinion that "balance" is vastly over-rated. I prefer "freedom". That would be the freedom to create a character that was lacking in certain aspects, or even many aspects. In EQ certain classes could solo MUCH more easily than most other classes. It was known that players of those classes often preferred to solo rather than group, and it actually was reflected in their personality. In World of Warcraft, Blizzard has gone to great effort to balance each of their classes to the point that (IMO) they all feel quite bland and lacking character. In both SWG and Ultima Online, players could create characters that existed entirely outside the realm of killing and looting. Crafters are the main example, but it doesn't take much creativity to come up with others. Fisherman, architect, animal tamer, treasure hunter, miner, and merchant just to name a few. My favorite MMOs are those that do not confine players to a predefined "class" and instead allow them to develop themselves organically in any way they see fit.
There is a *lot* more that really should be said on this subject. The proposition of creating an entirely virtual world is daunting and extremely complex. I find it fascinating. I will probably reread this later and kick myself for not including a note on a certain subject, so don't be surprised to see it edited.
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