EverQuest 3 as a console only title is a WTFLOL idea almost certainly doomed to failure. There has never been a successful console-only MMO. EverQuest doesn't have a passionate fanbase; it's a weak IP. Combine the two and it's certain doom.

That said, it's also pretty interesting. So the question is not whether it could be successful, but whether it could be a spectacular failure that everyone remembers fondly, like Planetside.

Throwing the EverQuest universe completely out is a great idea. You need to start fresh, you need ideas that people can get really excited about. One problem that will hurt you forever is the lack of a compelling IP and lore.

Steampunk/magic is a cool notion! Play Arcanum Obscura a few times, see if you can capture that excitement of finding rare schematics and building outlandish contraptions with them that lay your enemies low.

There are a lot of holes you could fill that WoW does not satisfy. WoW has a poor community framework, it doesn't foster socialization, hanging out. Total lack of minigames, cool tricks, gameplay diversity. So build off of the three-level (0-60, 60-70, 70-Endgame) strategy of WoW, but with more social encouragements.

For basic gameplay, I would suggest basically making WoW, but with a Sims-element so that the girls could get into it too. Building and furnishing a house and yard in the Endgame, having friends drop by, kicking back and playing minigames when you're not raiding or PVP'ing...

So far no MMO has managed to capture the appeal of the Sims, let alone combine it with an adventure model such as WoW. Try it!

Just be as fantastic a failure as you can be, making everyone sigh when they remember how great you were.