Huh. Autogenerated MMORPG content seems... remotely plausible. Or at least, some of it could be autogenerated. The terrain, at least, and names. Maybe some of the quests. I haven't seen anyone trying this though, I guess it's hard to make autogenerated content pleasant.
The real problem IMO is that autogenerated content can't be any more inherently interesting than the algorithm that created it. In EVE, this wasn't a problem, because the autogenerated content was merely intended as a "playing field" on which other events happened, but if the autogenerated content is the content itself, I think you'll have serious problems making it non-repetitive.
The problem with autogenerated content is that the process of discovery changes to discovering the algorithms used to generate the content. Once the player has discovered those algorithms, it's impossible to continue having a fresh experience. So "autogenerated" is, at best, taking hand-crafted content, repeating it a few times, and changing some details in the hope that the player won't notice the repetition right away.
This is, of course, only in the context of traditional RPGs - more sandbox-style games, like Dwarf Fortress, or Love (or, hell, at the other extreme of auto-generated content, Tetris) can do just fine.
I'm sure some would figure out the algorithms involved in such a game, but if you add enough fuzzy logic in, it could potentially keep the wool over most of the players' eyes..