Hahaha... I remember playing the original Neverwinter Nights many years ago myself, Brandon. I believe a friend of mine even sent a check in advance for his many hours of Ultima Online, if that game also charged by the hour before the inception of the monthly fee.
I do think it's a bit ironic that you're all for the disposition of monthly fees, having been through the "AOL days of charge-per-hour-of-gaming deja-vu" since we're paying just one fee a month that we would've paid for one or two hours years ago. The monthly fee also acts as incentive for both player and developer; if you're a player, you're more inclined to play and be active in the community since you're paying for it; if you're a developer, you'd want to provide regular new content to stay fresh and compete with other MMOs.
Other payment models - like ad or item shop supported - are quickly gaining ground, but a monthly fee is the best model to ward off stagnation.