Of course, it takes more than just pretty graphics to have a successful MMO, and from looking at some of the proposed features of Mortal Online it would appear that the developers are well aware of this. The game will be played in first-person, and one of the primary focuses will be hardcore PvP, with a real-time combat system. Couple this with the fact that there will be no leveling at all, and you start to realize that we're looking at a very different game here.
Two types of skills will be found in the game, Action and Learning. Action skills are trained through use, and Learning skills are trained in the background over a longer period of time, most likely similar to EVE Online. Apart from this, a global set of skills called World Skills will carry over between your characters, so that even when you create a brand new toon, you will be as proficient in certain skills as you are on your main.
Although PvP is a focus, and you won't need to raise the level of your character, there is still PvE in the game. There are plans to have legendary monsters and quests that, once slain or completed, will never be available again. Those lucky enough to be involved in these events will likely come away with unique items, or even a special scar that proves they were there.
It all sounds fairly intriguing right now, but with the nature of the gaming industry having instilled a healthy amount of skepticism in us, we'll wait to see more of the game before getting too excited. The trailer gives a release date of Summer 2009, and the site says that there will be a beta testing period before then.