Aye, I believe PS was originally the "side project" of 3 EQ devs (hence why there are 3 empires, each wanted to define their own faction) who had a knack for the FPS genre.
It was nothing more than a persistent 3d world with basic weaponry, bases and 10 or so vehicles (I'm sure you've seen the screenies, I had been following PS development for at least 2 years)... eventually SOE saw potential, funded a project, and worked from there.
Sol is right, dev teams are always excited when they start something new, especially in the gaming industry, but it only lasts a few weeks, and some games take well over a year or more to complete. By the end, the programmers are sick of debugging the code they've worked on for months.
I visited the EA and Ubisoft offices in Montreal a while back, it was pretty cool seeing them work on titles I would be playing, but the morale, it just wasn't there. I remember this one dude trying to debug the AI code in Splinter Cell 3, he spent the whole day just trying to figure out why the AI was getting stuck moving into crates instead of walking around them... poor guy, he didn't look too good, half asleep, unshaven, stressed...
It's like that in almost every dev situation, some project manager having no idea what the realistic time scale for production is and conveniently factoring out any possible mishaps.. the guys work like animals trying to meet the deadline, only to realize the release date will be pushed back... again.
I'm not trying to be pessimistic here, but today's games (keyword: today) require more than just a background in game development and ideals. 10 years ago, man any team of 5 could release a title, games were simple: no fancy AI, textures, animations, you played it for content. Now it's all eye-candy and fancy physics engines - the Unreal 3 engine itself costs 100,000 to license.