Firefly and Serenity are fucking stupendous. I love the idea of being a cowboy on the fringe of colonized space; it's so much more down-to-earth (no pun intended) than abstract, over-the-top renditions of near-future space travel which tend to overpopulate the entertainment world. Aside from that, however, Whedon's creation was a not-so-rousing success because of the masterfully designed and acted characters; not something translatable to a lifeless MMO.
The saving grace on this project would have to be in its handling of the colonized/anarch relations. Then reavers of course would further intensify the whole thing. If they can make it into an ongoing PVP-centric battle between outlaws and the alliance complete with robust capitol ships and planetary raiding/attacks, it could end up being a good game. In my opinion, then, reavers would serve as the neutral attack-everybody "race" that is completely NPC.
Transforming Joss Whedon's cult classic into a game is nothing short of a heavy undertaking. While hopes could rage into delusions of an MMO actually worth playing, the scales are weighted against any developer crazy enough to tackle such a mammoth undertaking. If you need any evidence of how difficult it is to turn something so grand and so beloved into a worth-playing product, take a look at the failure that is Galaxies.
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"Oh how awful. Did he at least die peacefully? To shreds you say. Well, how's his wife holding up? To shreds you say."
Steam + PSN: PHJF