Completely agree with all of the above.
You couldn't spend the first twelve months of your career better than creating 3-4 small games. Being able to prove you can move through a project from start to finish is MUCH more important to employers, than having fantastic ideas and starting things that go nowhere.
Plenty of time to make your MMO after the first twelve months.
I fear I may have been misleading in my original post. This isn't my first game. I have made several games before. This is the first game I am designing (I am already quite knowledgeable in game programming considering I have been studying it for 5 years in school). It's my fear of the design being bad and not the actual game itself. I understand the limitations in place. If someone said "Here is a good game design ... now make it" that is where I'm good. Actually being creative and trying to come up with an idea (not product) mildly entertaining is the problem area.
Second, I can't just make a space invaders clone ... as I mentioned this is for my honors project at school. I don't think I'd do very well if I created something the same as the Missile Command clone I wrote back in high school using PyGame. The reason I chose to make it web based is because that is a class the University is lacking in (they teach you web development but not in a game context) so it is a good learning opportunity which is what the university is looking for in an honors project.
Again, I know this thread is prefixed MMO, but I have no desire for it to be massive! Just a little web based game where the map is just colored tiles and you only have 50 action points to spend per day. There is nothing ground breaking about the genre. I don't plan on having multiple maps with 10 different playable races with 100 skills each.
Also, there is a lot of talk of "finishing". I have no intent on marketing this or trying to break into the industry with it. I have already been offered a good web development job, I just want a nice personal project to work on in my spare time. The plan is to create the core mechanics for my honors project and then to just have fun creating content releases as a hobby.
If I want to make a game to show the industry what I can do I would just take the engine I developed for my 4th year project, build on it and put a game on top. That wouldn't be too hard at all and shows a deeper understanding of what goes into creating a game.
So just to summarize, I apologize if I mislead you, I am not afraid of not being able to make the game. I am afraid of making the game and it sucking. I am not a creative person and this is my first foray into the land of coming up with my own ideas, and that is what I need help with. I am looking for advice and tips on focusing "creativity" into an interesting game idea instead of just a list of "cool features" that when put together sucks!