The key is not trying to compete with the big boys. Look at games like Adventure Quest and DragonFable (both made by a small team). They are raking in TONS of cash (although they're not truly MMO's, they are online RPGs).
Anyone lone or small indie team trying to make a product that'll attract the AAA crowd are just wasting their time, IMO.
Anyone lone or small indie team trying to make a product that'll attract the AAA crowd are just wasting their time, IMO.