Sega can bite me. I've really had enough of their shit with this series.
If you're not going to constatnly provide new content, fix what is broken, prevent cheating and moderate play behavoir, there's no point in charging a monthly fee. I know this version has GMs, but its honestly too little and too late. There are new P2P RPGs I can play for free online and the fact that this isn't even offered to the existing Xbox and Gamecube audience is appalling.
I loved PSO III as a single player game, but it was so broken online it was just plain sad, just like the other installments. The ranking system is determined by how much meseta you collected online in both PSO games. Yeah, think about that for a second. Some guy who does nothing but dupe money can be ranked as #1, as opposed to earning it through wins. Also, all the best cards in the game could be obtained in Action Replay, but thankfully the dice rolls couldn't be exploited so skilled players still had some chance of winning.
If you want a game with a monthly fee, play an MMO like WoW or FFXI, at least you'll know where that monthy fee is going - to maintain the servers, help the game designers have funds to create new content and pay the GMs. Better yet, just play Guild Wars when it comes out, there are no monthly fees.
Only thing I'd want from PSO Ep. IV would be the OST, fuck the game.