Current generation consoles really could not handle WoW. It's not the graphics, it's the storage space: the game is 4 discs to start with, and I now have 3.5 years worth of patches built on top of that. My current WoW folder is 27 GB.
All Core 360 users, All Premium 360 Users, All 20 GB PS3 users, and soon all 40 GB PS3 users wouldn't have enough room even if it was the only thing on their HD.
I don't expect consoles will be ready for MMOs until next generation.
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