I'm on an MMORPG kick on my PC while I wait for Oblivion to come out for the 360. Right now I'm playing:
Horizons: They have a special cheap rate going so I signed up to play this a bit more. I had played it when it first came out about 2 years ago, and thought it had lots of good points, but wasn't quite there yet. They've had some time to improve things a bit, so given the price of it I decided to give it another whirl. We'll see how it goes...
Irth Online: A new MMORPG made by a local company. It has lots of rough spots, but also some good strengths: A large world, communicative and hard-working dev team, lots of crafting choices, skill-based rather than level-based advancement, and graphics that are awkward and crude one moment, and gorgeous the next.
Settlers of Ganareth (prelude to Dark & Light): Lots and lots of bugs, not much content at all, but has a framework with lots of potential. A gigantic world with beautiful scenery (but very hardware demanding to see it at its finest), and an ambitious set of features that, if they deliver on most of them, will make for a fun and involving game that is rich in both PvP, exploration, and crafting activities. They seem to be making steady improvements, but I will take a wait-and-see attitude on how many of its promised features it'll actually implement.
So, between these three games I'm kept quite busy. We'll see which one captures the most of time over the next couple weeks.