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Some people may consider it to be a vague buzz word used to hype games up. I would not say that they are necessarily wrong.
I think that the term has different meaning to different people, but I believe that it can be defined and that it isnt a completely vague word. Devs of ArcheAge consider their game to be next gen based on player created content and the ability to modify the environment. Blizzard used the term in relation to their next MMO, so that they also seem to have their idea.
What makes an MMO to be next-gen, in your opinion.
Is it graphics?
Is it introduction of revolutionary elements in gameplay?
Is it completely new conception?
Is it content created by players?
Is it establishment of top competitive environment which allows the game to be an e-sport?
Is it relevant whether it is a themepark or a sandbox game?
Do you think that any games that can be considered next gen released already?Do you think that any of the upcoming MMOs are next gen?