Investors (Score 1)

"Let me put it bluntly, if a game is not ready for retail when the money runs out find another investor or shut the doors."

And I bet you'd find lots of willing investors on this premise! Your pitch could go something like this....

"Ya I'm making the world's greatest MMORPG, but I need $20-$40 million or more to do it, and it may take 3 years or more, and if it isn't perfect by then I could need another year or two, or longer, and another $20-$40 million or more, and if you don't give it to me I'll try to find another investor, but if I can't we'll just shut the whole thing down and take our losses."

Who could turn down an offer like that?

If you can't afford to fund the development yourself, you're going to have to work within time constraints, just like every other business. Very few game developers have the kind of money it takes to make a good MMORPG, so they typically rely on publishers and outside investors, who, quite naturally, set conditions. I doubt this will change anytime soon, unless games suddenly get a whole lot cheaper to make.