My vision is that the GM is familiar with all the PCs on the game and has all able to access world/metaplot changing stories, and seeing the big picture is able to help facilitate intersection of those world storylines between and with PCs and groups.
However, I would not want people to think that the game revolved around their PC, no, because there are other people involved. People that they and/or their PC might not care for, things that do not always excite that player (but might excite others, ect)
So a small game, run by me, I would not want individuals expecting that everything would revolve around them personally, and in fact I do not know that I would want someone with that expectation on a smaller place unless it was a friends only sandbox.