The consequences don't impact real life, you can leave at any time, and in most cases it is very simple to recover, even if not fully.
I think the real interesting morality starts happening when it does impact real life. For example, someone in a poor country farming items to sell on the black market as a way to make real life currency they need to live. I've read about (though am not really sure about the authenticity) of gold farmers in places like Venezuela doing this to survive.
What happens when killing and looting someone in a game actually costs them a meal in real life (even if the real money trading is banned, a rule is only as good as it is enforced)?