I will note one thing though; all these people claiming that $800k is 'too small of a number' for an MMORPG to be built in 1-3 years are out of their minds. You get enough people that are passionate about their game in motion and stuff will start taking off. I mean, look at Minecraft; prime example of a low-budget game that hosts more players than most small MMORPGs on a single area, without even being an RPG and it also has poor design decisions. (java, flatfile saving, etc)
If you want to make a game that is like WoW then sure, you can throw money at it and people will make a game they're paid to make. If you want to make a game that will last forever, you spend as much time and do not cut corners for quality. Looking at EQ as an example, the flavor text itself seems like it was a labor of love between many developers. WoW was just a game designed to fix problems, not make a new world.