Given that I know plenty of people who play MMOs and participate in raids while still managing to pursue their studies/work/parenting/etc. successfully, this description of the absoluteness of the MMO time demands seems a little overblown.
Granted, I don't actually play them myself, but it seems hard to believe that you couldn't have a good time playing an MMO while also finding an in-game social group that was reasonable about participation requirements.
From our different observations of anecdotal evidence on this and the other comment thread I think that the university environments and populations you and I were exposed to were very different from one another. My environment was not with exceedingly intelligent people (likely below LW average) and was at a decent but not great university. My observations were from when I was a Freshman in college and observing other people that age though.
I've seen and heard of people who were older (grad school or working) and had much better experiences managing their ...