I'm still wondering about that since a discussion at MMO crunch.
For example, say there's a zone rich in nodes and treasure chests - and the company has an employee called Gus who patrols around a monster NPC to attack players. Let's say he has around 20% chance of finding you, usually.
BUT the company tells the employee hey, if you wanna take bio breaks or just watch some TV or talk on the phone with your girlfriend, that's fine.
Now, is that satisfying? Is that really facing any sort of risk? Because that's what the majority of PVP is in most mmorpgs. The enemy might just be entirely absent.
There was no risk. Are you into facing risk, or do you just like to give the impression you are but your really happy to actually be in any situation where Gus is absent, so your just collecting treasure in the face of no real risk - but because you don't know that's how it is, you can say to everyone you did face risk?
Are you actually happy for Gus to be on the can?
If not, to me, your not into risk. Your just into the impression or illusion of risk.