Hell no, Do you seriously believe a publisher would fund a server for this, especially as after a year or two the game will cease to make money.
20 years from now I decide to play game X can I really trust the server to still be operational ?
and what happens when the publisher goes bankrupt your going to be locked out of your game
this is going to be a big problem in the future. Those of you who champion online style drm like steam are going to get screwed, it happened with music and it will happen with games
It's no different for MMORPGs today, and 11.5 million people accept that in WOW.
This business model and the mindset have to change, it has to become about services rather than products. To get that shift publishers will have to offer value to customers for being online/subscribing.
Let's hypothetically say, rather than buying for $50 you can pay $10 a month to play (less than people play for WOW). For most games how many people really play 5 months after they buy? sure the titles with longevity, will end up costing more, but your paying for the good titles.
Subscription and cancellation would have to be relatively painless.
Publishers obviously would want to retain customers so have to provide incentives for them to stay subscribed, probably new and evolving content.
There are obviously other models, channels where you subscribe to sets of games, pay for play, where your playtime is tracked at a finer grain etc etc.
Personally I wouldn't envision code running serverside, although it could be done. In the short term I think it's more likely to be data streamed from a remote server during the game, publishers could offer seamless content updates. Asherons call did this 8 years ago.
Having said that this takes a radically different development/business model than most publishers have in place today. And there maybe a barrier getting over the boxed good, although I think it's less of a barrier than many think.