There are a number of components of mmo games that are vital, but the one that most gamers crave the most is content. The fact is that players need things to do in the virtual worlds that they adventure in. A mighty warrior needs hordes of monsters to defeat, and starship captains need new worlds to explore. A common refrain from players on various forums are complaints about the perceived lack of content for a game, especially endgame content. Online games do release additional content through updates and expansions, but expansions are the ones that really grab the hype when they're announced. Is it better to get new content through a smaller update or through a major expansion? Are full expansions the way to go for mmo updates?
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No, if MMO's start relying on expansions as updates, then i'm sure you'll see the playerbase dropping. You need to have smaller updates along the way, to make sure people know you're still caring about the game.