I don't believe that micro-transactions that give players a distinct advantage over others in a MMOG will be successful, whether the game is PvP based or not. It doesn't matter if it's a console and it's not the same as a $15 a month fee that everyone in the game must pay to play. Many people wouldn't want that kind of environment to play in, even if they had the money to buy themselves a l33t character with all the best items. It takes away from the psychological feeling of competition for items, levels, gold, PvP combat.. the goals of playing the game.
Unfortunately the rampant success of gold farming proves you wrong.
Personally I'm for microtransactions, particularly if you can buy virtual currency. Even if I will never buy it myself, it means that the company can force gold farmers out of the selling gold business, and at the same time, force them out of the business of spamming me with tells and mails regarding gold farming.