MMOs are usually worse than just multiplayer. That's pretty much the same thing when you have a world the size of those in TES and the amount of stuff, but really just being able to play a multiplayer game with friends would be so much better.
Anyway, MMOs eventually die. Singleplayer/Multiplayer games where the server is the player's computer/network can live forever provided you know where you put the disc/card and your friend(s) know(s) the same.
It will be interesting to see what they come up with. If there's f2p then it'll be ruined but I'll probably try it out then xD