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Considering enjoyability and technical limitations of each, which would you prefer?
a) Co-op style online play that is not a true MMO. May have hubs where players can meet and drop into instances for Co-op play up to 5 players, such as in the first GW, PoE, and so on. The content, loot and so on will scale with the number and level of players.
b) A true MMO style, where thousands of players may be on one server, hundreds of people may potentially take down a boss, raid, or PvP? Content may or may not scale to the number of participating squares. Such as in WoW, GW2.
Personally I would have prefered the first one, with simple hubs enabling co-op play, if Bethesda's next Elder Scrolls game had this feature I would probably drop the MMO-ESO on the spot. I think a simple co-op style will enable more dynamic content and combat. Also, it would feel natural if there were one or two people saving the world in an Elder Scrolls game, but it would feel lame if there were thousands of people who saved the world.