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At least not for awhile.
Vindictus, Tera, and to some degree, TESO. I love third person hack and slashes like DMC. Great fun. I love Vindictus too. Tera had neat combat.
The issue with why these games didn't / aren't succeeding lie with the combat. It's not Tab Target. Now, I don't think Tab Target is anything super amazing either. But MMORPGS are designed for the long term. Long hours. Years, even. With Tab Target combat, you can easily create new skills and combat modes. Not so with action, hence why most action games rarely update the moveset years after release.
The main problem is the attention. Tab Target you can watch TV, talk to friends, for hours on end. Plus, grinding and such isn't to bad. However, with Action Combat, it requires your full attention, dodging, attacking, combos, ect. You have to remain very focused, it's tiring on the hands and fingers if you try to grind these MMORPGS. It becomes exhausting.
Running a dungeon 4-5 times in a game like Vindictus or Tera is brutal, but because they are setup like MMORPGS, you need to grind. Hence, it's like replaying the same level of GoW or DMC 5 times over in a row. It gets stale, and yet it doesn't really become easier, you still need to give your full attention.
Action MMORPGS require alot of physical and mental effort, while Tab Target does not. So the difference between 5 hours of a game like Vindictus, or WoW, in those 5 hours in Vindictus, it feels like 10. You can't just kinda "Blank out", during the boring parts. So people end up taking breaks. But with a subscription, I mean, the breaks aren't all that appealing, yet you don't want to play either, so obviously you won't subscribe to a game that is like that. Hence why you see these types of MMORPGS getting alot of excitement at release
"Skill based! Action combat! Not the same old Tab target!"
These things are thrown around alot. But then it comes out. Maybe it has a good story, world, and satisfying in general, you can't find anything "wrong", but it all seems terribly exhausting after awhile because on top of the usual MMO grind / exhausting, you now have fatigue from mashing a button 500 times a Dungeon instead of 50.
Perhaps one day it will work, but not at current or the future as I can see. Not unless the nature of MMORPGS change to allow action combat. Even that odd Darkfall Online has a terrible grind where you spend all stay standing in a spot and kill monsters that pop up from it, over and over, just to level.
Alot of people play MMORPGS to get away from reflex intensive games, ones they can find unique or interesting builds, not just press WASD + Dodge key + M1/M2.
Every time an action MMORPG comes out, people just love the idea of a 'skill' based MMORPG, but it doesn't work because by their very nature, MMORPGS aren't meant to be that way. It's trying to fit something that wasn't designed for it in, and that is why until MMORPGS themselves change, "True Action Combat MMORPGS" will always fail.
Help get Camelot Unchained made, a old-school MMORPG, with no hand holding!