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I'm going to say resolutely, no. From multiple damage types (and resistances) flow 90% of all the complexity, strategy and flavor RPG combat can possibly have. If fire is the same as ice, if magic resistance is the same as melee resistance, if a long sword is the same as an axe - well - all's you're going to end up with is something as tasty as cold gruel. But on the plus side, I suppose you might create a game that's more "accessible" by forgoing damage types.
Even more crucially, however, I believe is the possible diversity of items that damage types foster in mmorpg's. I remember with great fondness having my multiple sets of armor and enchanted jewelry for different situations in Asheron's Call. Fussing over them, arranging and rearranging them for optimum effect, breaking out the spread sheets, and of course - the trading. All this at times could be even more fun than the combat itself was, and it was often a welcome diversion for me from the grind.
OK..., so of course I'm talking about Vanguard here. I've decided I'm probably going to take a pass on this game, and I'm absolutely crushed. I've been waiting for such a long time to play another good mmorpg. What the hell were these devs thinking? A game for the hardcore player? Frankly - I'm not seeing that.
But you guys who've beta'd, are there really enough other things new or better in this game that you can persuade me to try it? If you're inclined to here, please do so. And I'll attempt to keep an open mind for a few more days.