So if you could define the parameters of this theoretical new game, what would you choose? What studio would handle it? What D&D setting would you like to play in the most? What edition of the rules? How would you overcome the difficulties of transitioning the pen-and-paper game into a MMORPG? Would it follow DDO's highly instanced format, or be something else entirely?
Cast your level one spell of Creative Thought, and let us know: how would you make a D&D MMO?