I'd love to see something like this as well. Personally, I think a mmo Shining Soul for the DS would be a nice fit. Something along those lines would work well.
Also, from what I've seen and heard, Contact offers an interesting formula for multiplayer, and some of those principles may be useful in the future of handheld MMOs.
It's only a matter of time before we see one though, and correct me if I'm wrong, but I think I remember seeing a release announcement for some form of one on the PSP. Who knows if that will pan out, but time will tell.
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