Hight tech graphics for MMo are growing :
Guild Wars 2, Tera Online,Axeley, NineTeen knights (or i forgot the name) ...

But with poor gameplay or multiplayer parts , even a good graphics mmo won't go far.
Some MMO bet on original world (perhaps gameplay) than on high tech graphics, but have cool graphics like "Allods Online".

Even the incoming Star Wars mmo made by bioware will have a World of Warcraft touch !