Tbh, one is better off taking the Ryzom core and modifying it as opposed to emulating. I mean you have open source client, server, tools, and world editor.
Myself, I have been exporting assets from SWG and converting them for use in Ryzom Core (models, textures, heightmaps).
Basically decided it was easier to create a new Star Wars MMO using the Ryzom Core and the now-dead SWG's object assets than to wait around for a server emulator for it (been 6 years now and still nothing of appreciable quality in that department)
At least this way I am not gated, not limited by client licensing issues, or by having to wait on reverse engineering efforts, and get open source client/server code that gets updated along with the live code.
Ryzom Core is almost like having a turn-key MMO development platform.
Great if you want to make you own MMO (content-wise) but lack a stable full of C++ developers skilled in reverse engineering and a desire to work on your project. Instead a MMO project can be all about getting 3D modelers, scripters, world designers instead.
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