That's exactly how it SHOULD start.
That's exactly how most big game/movie projects start.
I've only ever started one, so I don't know as much about this as you appear to.
These games are multimillion dollar art production projects on par with huge hollywood studio movies. Getting the concepts right (both aesthetic and design) are critical at the first stage.
First point is dead on, same time lines and budgets as a huge hollywood movie, if you are honest about the time and financing needed.
My problem with this is that it's yet another fucking FANTASY mmo. That genre is stale.
(unless they are aiming for consoles somehow)
It's obviously your opinion, but I disagree with this and have since I've heard it. The movie industry goes the same way, peaks and valleys. I've heard it said and agree that 'Fantasy is in our DNA', everyone can associate with the Dragon, Hero, damsel in distress to some degree or another. We're past, I think, the last generation that grew up on Tolkien, but fantasy is still incredibly strong and imo will remain so.
And honestly, you get R.A. Salvatore to buy into your story, agree to flesh it out and build a world, is it not the smart decision to make a fantasy based IP? I mean the guys only built a 3 decade long, NYT best seller filled career out of creating iconic characters and worlds in the fantasy genre.
It would be like someone taking over the Red Sox next year and ordering them to put Jon Papelbon in middle relief, because he wants to or thinks he knows more than everyone else, that's just dumb business.
Oh and Todd, ya, what was that comment? Stale? Ya, another guy who basically created his own industry and career, and business, with his hands, like 3 decades ago.
Their both artists so I am sure the haters will come out in force, since art is always a personal thing, but neither of them can be called 'untalented' or 'hacks' by anyone here with an ounce of credibility (unless Stan Lee or Tolkien stops by to post).
The cooler part of it is they're as nice, if not nicer, people, than they are talented.
Oh and for anyone heading down the 'three rich dudes pissing money at a hobby' path, don't. It's a tired and invalid rant and has no merit.