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I personally like a game where risk/reward mean something. Otherwise, its just in-game "Master"bation that is a function of time spent on the-ol' treadmill. Even with crashes and boots and lag, I prefer the risk of Hardcore-type gaming (i.e. loss of life - Daiblo II HC- or loss of exp./equipment - classic UO.)
The only issue I have is with cheaters who manipulate game code-This is the one thing--fairness, a level playing field--that is essential to Hardcore PVP. Fairness is the biggest challenge that companies must deal with IMHO.
All servers/realms/games should have four options:
1. Regular (minimal loss), consensual PVP (boring in my opinion, but safer and more enjoyable for these into the social interaction.
2. Regular, non-consensual PVP
3. Hardcore, consensual PVP
4. NO-HOLDS-Barred Hardcore, non-consensual PVP with safezones as necessary (like towns). THis made classic UO awesome.
Permadeath and environmental challenges are the next great step in the evolution of MMORPGs. Only through true adversity will one feel accomplished. Only in truly knowing you can die will true adversity present itself.