The second item is less centralization. Eve doesn’t officially have any central hubs (Though players have managed to turn certain areas into trade hubs).

Eve also seems to have mastered a method of expanding content. A portion of each expansion to Eve has been available for new players.

Now I agree that subscriptions are generally just a cash cow for most MMOs but you might want to consider that the subscription money pays for more than just keeping the servers up. Most of the good MMOs have payed GMs and maintain staff in other customer service areas than billing. And in the case of some MMOs (Like Eve, though I’m sure there are others) the subscriptions pay for the costs of content development. It actually bothers me that Wow charges a subscription and charges $30+ for expansions.

I see two kinds of obstacle to the game concept you outline: Technological and Social. The tech side of things will practically solve itself soon enough, the number of players in FPS matches has been growing steadily for years. It will take longer for people (Publishers and other money people mostly I think) to accept the idea of a game like this without trying to make it into the same sort of cash cow as so many other games.