Well, the idea to create the next Skyrim is tempting, isn't it? and the false concept that it is an easy task comes from the various game creator engines focused on the creation of rpgs. It's true that build an engine from scratch is not so complicate, but the asset you need and the balance in the rules make it a titanic task. And don't forget you need a team of developers.
This is offtopic as it blandly relates in series of replies to the main post. On this side, King's Bountry, which combined fixed world with random villages and treasures was very nice and had a lot of replayability.
Originally Posted by Eric
The main topic of original post was MMORPG, which should not be confused with RPG. I would emphasize on Massive-Multiplayer element, which can be also applied to other genres like MMRTS (or MMFPS anyone? ) Sometimes it is mistakenly confused with term "online", but Online Game does not constitute Massive-Multiplayer Game. The last one requires significant budget for acquiring servers, developing efficient scaling strategy among many other things.
A newbie trying to develop an MMORPG would be equivalent of high-school student trying to build his/her own Oil Rig. Can it possibly be done? Sure, but I personally wouldn't count on it.
Pascal Game Development