I question the term "next gen MMORPG." It seems to me the only new form of this gameplay any one is offering is the "instanced" dungeon or play area. That's actually something you see now in EQ, AO, AC2 and others.
My point is that until the amount of bandwidth readily available to the average user is substantially increased, MMORPGs are destined to stay exactly where they are at.
The things I would like to see in an MMORPG, real time combat and players having some real effect on the game world just isn't possible under the current infrastructure.