All this doomsaying bout the impossibility or improbability of a console MMORPG, all these "faults" pointed out in the concept of a console MMORPG are hilarious, especially given that there has been a successful console MMORPG for years.
FF XI was built from the ground up for the PS2. It was quickly ported to the PC, and later to the 360. It still exists and is still played on all 3 platforms. Not only is it frequently updated, tweaked & patched, but numerous expansion packs have been released for it on all platforms. Even more significant is that players from all platforms & regions play on the same servers; Japanese PS2 players are on the same servers as American PC players and European 360 players, which remedies any concerns of bad console community. FF XIV is also planned for release on both PS3 and PC with the exact same cross-platform play. DC Online is also due to be released for the PS3.
It is possible to make a console MMO, it has been done. It clearly isn't as difficult as you're all attempting to make it sound, as FF XI has always had, from what I can tell, a relatively small playerbase. It isn't exactly rolling in funding with which to remedy a supposed billion problems in its console incarnations. It doesn't need to be - there simply aren't that many issues to work around.