I have been going crazy over the possibility of a homebrew point-n-click mmo, such as diablo - ragnarok online - etc. If we got a big enough team i don't think it would be that far out of reach. As you read this, a few devs are currently working on getting some sort of a psp-online-connection. Get them, plus a few gfx people and coders and something is bound to happen. As i've been searching around the threads i came across a few people who seem to be heading in the right direction!
Psilocybeing is currently putting together his mmo and clients allowing people to connect to a server. (if i understand correctly)
xigency is making a "xbox live" psp lobby to find and play homebrew games.
Shatterdome has a game in progress, switching maps and all!
framerate had a 2d engine he is working on.
dbeyer3069 seems to have a huge plan for a game, 2d engine, and could bring a lot to the mmo project.
The only thing missing is a few gfx and coders, which im sure there are many out there willing to put time and effort into a project such as this. I for one wouldn't mind donating to get the job going! I would sit on my psp all day playing any portable mmo!
Let's get this team going people