I think that the only game that's gotten very close to this is Age of Conan. I know that many people will scream "EVE" out loud, but to me, EVE is boring and I played it for 3 months.
Simply put, I like to see fully bodied characters, not just staring at spaceships all day and no, a simple, little character portrait won't do for me. I know that they're implementing their Incarnia expansion and that's a step in the right direction, but that sound more like an afterthought than a main feature of the game.
Now, for Age of Conan, say what you want about Funcom and that the game won't properly run at 60 fps on your über gaming system, I simply haven't played a game like this in my life. I started playing right when they opened up their F2P floodgates and almost at the same time, they launched their Blood & Glory server, I started there with a Priest of Mitra.
To some, this may have been a huge mistake as it is widely known that it's one of the weakest classes, but I took it as a challenge. I loved that I had to take care of my environments for gankers, even if it was very frustrating at first, it made the game really interesting, even if I died a lot. I needed to be on the lookout for anything suspicious and make friends whenever I could, heck, the only way I could survive was by banding together with somebody else and even then, we all had to be on the lookout.
Sadly, I don't play it any longer, as I don't have the money to keep playing (if you want a decent character, you need to subscribe).