Xbox Live has done this beautifully (you can buy "points" that allow you to buy DLC or even movies or music)
Microtransactions is one of these -- instead of paying a monthly fee and getting all the content released, you can make smaller payments and get only the content that you want.
But some MMOs (all of them,WOW Power Leveling, actually) don't have 12 million subscribers a month, and so they've started turning to other models to make money.
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