Isn't there already a Mechwarrior "mmo"? I mean, mechwarrior never really had a story. It was mission: defeat other mechs. Granted MWO is purely pvp, so I'm guessing you're looking for a pve experience with a story. Which is really what we're looking for.
What about Wing Commander?
Personally I'd like an mmo that didn't put so much value in survival, or building. Main reason I fucking hate playing those types of games (Ark, Conan, etc). I'd rather the developers built the castles, and let me get straight to infiltrating with buddies. I realize some people enjoy level building, but that shit just isn't for me. I'd rather get paid to do that part.
Mechwarrior or Battletech has HUGE VOLUMES of story available. You do realize it was a pen and paper RPG for decades prior to being a video game right? MWO is not an MMO. It's nothing more than a PVP arena.
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