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The Elder Scrolls IV: Oblivion would be an incredible MMORPG. It has crafting, spell-casting, unlimited character customization, housing, clothes, furniture, servants, guilds, fun quests and an interactive world. Imagine playing Oblivion and seeing other people that you can actually talk to instead of clicking answers. I think this would be an incredible step forward in the online gaming business.
Expand. This is just my opinion, keep in mind.
edit - I forgot to tell you. I realize that many topics have been made about this particular subject.