I wanted to share this nice and well written idea/theory one of my guildmates put up on his blog.
It's basically discussing the current "static" dungeons we see in WoW, and suggesting a new and, in my opinion, interesting approach to dungeon creation and lay-out.
The post can be found here: http://www.dddmaster.de/dynamic-dungeons/
He also made an in-depth post about random loot chances, and the things that can frustrate an mmo player the most.
This might work in some games, but Blizzard tries to tell a story in each dungeon. Having it change every time you enter would make that difficult. It would be more fun and engaging to have randomized dungeons however.