Trion World Network just announced it has raised $70 million for its server-based online games. TWN creates massively multiplayer online games that run almost entirely on the Internet with little/no PC component download. This is different from games like World of Warcraft--or pretty much every other MMO that require you to download some component.
I'm a huge believer in the idea that you can have high-quality gaming experiences in the browser. Casual gaming has proven that people are willing to play browser-based games and the value chain just needs to catch up with more hard-core experiences. Add in subscription fees and other monetization efforts and all of the sudden you have real business.
Trion doesn't yet have any products out the door yet so investors are clearly betting on the technology and the business relationships the company has already established with the Sci Fi Channel and others.