LatscherX - There are actually a couple games on the horizon that are truly action oriented for progression rather than level based. I'm really looking forward to them myself. One of the things that put of off of Eve was the fact that it wasnt a player's (by player i mean the person behind the keyboard on the other end) skill that beat me most of the time. It was the fact that he or she had been playing for enough longer than me to have enough of an advantage that i couldn't win no matter how good i was.
The games i'm talking about are not even in beta in NA yet, one is in really limited closed beta in europe, and both are space based mmo's, but twitch based, where you have to aim, so player skill, not character's skills/level, will determine the outcome of battles far more often than not. Or so they say on paper so far. I think both will do well in their own right, just one is F2P and other is sub based, so will depend on how the f2p one's item shop is handled, etc.
Needless to say the concept CAN work, and i think it will. Though i'm not against games woth lock on like eve and perpetuum, my preference, particularly for a mech style game would be to have torso twisting and player skill be more of a factor. Like it was in the old mechwarrior games, or playing battletech at virtual world.