Is there any game now that can hold that many players?
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Yes, World War 2 Online.
If yes does it work well?
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Yes, it does, if memory serves me. It has a bunch of design flaws, and its graphics are screwy sometimes (it's hard to tell if someone is firing at you because of the "realism" involved with not seeing any bullets... bleh).
Is it a fast or slow game?
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Fast. The actual pace of the combat is fairly slow (as was much of WW2's combat), but the game runs well. Previously, it was ass in a basket, but now it's not too bad at all.