This could definitely turn sour, bitter and make the world of Magic: The Gathering into a digital face palm. My hope is that since they have the money, they will push it to become something special... or at least something bearable.
I would have love a Magic MMO back in the days of Urza and the Crew of the Weatherlight. Now? Magic is very, VERY, eh.
I remember the old dos one. Horribly optimized, incredibly long lags during the card game portions with a horribly designed game around it. It was a bad phone game before phone games ever existed.