It's not a shmup obviously, but it does look like it has pretty good potential to be a fun shooter. Then again, Senko no Ronde doesn't look too great to me, so maybe I'm just intrigued by the MMO part of it.
It's kind of hard to have forced scrolling backgrounds, especially in the context of an RPG. So moving around in a Smash TV/Robotron-esque environment is the closest thing to mixing both genres together I suppose.
Shmup or not, I'm definitely curious about how this will turn out, especially the PvP aspects of it.
Edit: just realized they called it MMOG, not MMORPG, but judging from the videos, it looks like they still have some MMORPG concepts there anyway.
More Editing: Looks like they call it an MMOG on their site, but the promo video mentions RPG elements. I'm going with the latter because the promo's more recent.