Its a good idea in theory, but I don't honestly think it would work. Even if it was a great game, the developer would somehow have to encourage people to constantly create accounts. The idea behind the subscription fee is to make money, that is correct. But servers have to be maintained, and people have to be paid to maintain them. GMs and developers need to be paid as well.

So if the game flat lines on new accounts after the first couple of months, the game would fold and your $200 bucks, you just paid for your level 50 character is wasted.