I'm seeing a lot of really good game engines being made available for free (or nearly so), CryEngine3, Unreal Development Kit, Unity Engine, etc. Even complete MMO development kits for free including cloud hosting of the servers and a payment system (HeroEngine/HeroCloud) were you only pay 30% of your revenue after you have published your game.
That leaves you with personnel costs and licenses for (development) software. Most freelancers already have their own software and if your creative with your personnel you can have very cheap developers.
My impressions of Goblinworks is that it's not going to be producing an AAA title anytime soon, but imho that isn't necessary. There is a lot of room for niche games as long as development costs aren't to high.
As a former EVE player, I can see where CCP went wrong, they over extended themselves, couldn't keep promises to their EVE players and eventually players lost fate and left. Now the longer then expected development cycle and the suddenly decreasing player base, they rededicated themselves (or promised to) to Eve Online and put WoD on ice. I believe Dust514 is still in 'full' development (FPS that is directly connected to the EVE MMO). I also noticed a lot of 'dumbing' down happening in the sub systems (Planetary resources, trading, skills, research, etc.), that made isk those ways suddenly easy for everyone and killing most margins, and that made the economy little better then grinding missions...
We'll see, I doubt that they can do worse then what has been done with the D&D license in computer games...