@GrumpyMel (I won't quote, it was a long post... just read back... it's not that far!)
What you say makes sense - I don't think that the PFO guys are even considering challenging WoW for the top spot... it doesn't sound like their goal (which is good, as it would fail - Blizzard has had many years now of bringing in $100M every month, over a billion dollars a year).
I guess the question partly comes down to what their goal really is. Is it to find something new that hasn't been done before? If so, then that's great. Will it be financially viable? Unknown as nobody has done it before. :) It's like the iPad... one of the best descriptions I heard of it early on was "it's a solution looking for a problem." It was totally unnecessary at the time, but look at what it's created - a whole new market. Can PFO be the iPad of the MMO world? That would be awesome if it could.... but as you pointed out it would likely take a LOT of money, not a shoestring budget. I am willing to bet that Apple put a crapload of money into developing their product... a product that they didn't even know had a market when they started.
More likely "success" (which would have to be defined by Goblinworks) would come from using tried-and-true methods that will be "good enough" to get the level of player buy-in that they need to be financially successful. I'm totally on-board with you - I would love to see an MMO that actually caters to a different crowd than the WoW crowd. I don't play WoW - I fiddled with an emulator a few years back, and even for free (and most of the content had been replicated at that time - it was just the vanilla, I think... before Burning Crusade came out) it didn't hold my interest that much. I can only do so many inane quests that have no reason or story behind them beyond "oh noez, my flugelcabbage is being eaten by the snorfers! Bring me 10 snorfer heads and I'll give you a whifflebanger!"
Do I think that there are enough of us around who would be willing to pay for this to keep it up and running? I don't really know.