Risk vs. Reward in MMORPGs

Halsy from Mythica Realms has dished up a new article that takes a look at the risk vs. reward factor in MMORPGs. Here's a snip to get you started:
In most MOG's today there are no real risks associated with dying. The result of which is a glut of people who hit the maximum level far too quickly, and an endgame which is conquered too easily leaving the player bored and seeking entertainment elsewhere. What real reward is there where there is no real risk?

There comes a point at which you can no longer acquire increased stats or skills that make a difference or represent a real change or challenge. Take Diablo for example, it becomes an entirely repetitive experience. Everything is the same, simply scaled up to provide a challenge to a non-capped character. In Diablo you get to play ring around the rosey three times on normal, nightmare and hell settings. You could cycle it infinitely if you were so inclined and you'd still get bored...because it's the same thing all over again and you really risk nothing.