It would make me happier, I wouldn't stop there if I was somehow in charge of a Goblet revamp, but yeah, I think it would definitely make an already pretty nice area look even better.
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It wouldn't help if it was done as depicted in the concept art since the water in the canyon would be too far below to be seen on anything but clear/fair days, which are far too few in number. The wall of fog as I was tending the garden in my alt's FC house last night was so thick it was like looking at a grey screen and most days the canyon walls are barely visible through the haze.
It also makes it look that much less like a desert, and some players want that desert look.
SE would be better off researching xeroscape design for use in decorating the Goblet. There are plenty of xeroscape images on the internet to use for inspiration. Many are colorful and small water features aren't uncommom. Integrate xeroscape into the paths in the Goblet and it would have that color people are looking for.
I actually kinda like the goblet how it is, which i know puts me in the minority. Something being good now of course doesnt mean it cant be made better. So with that said, i always thought a fun way to spruce it up would be to add an effect where all the desert plants around go into bloom whenever it rains. One complaint ive heard a lot is the texture of the ground - especially when its raining, and adding a bloom effect would offset that a little.
I personally get a very desert vibe from that concept art to be honest, it's an oasis, those are a feature of deserts. Personal choice I guess.
In my own personal revamp you'd be able to go the airship landing and hop on to that airship floating above the area in the concept too, so you'd be able to see down to the bottom if you wanted.
I'd also tweak the chance of fog to be much lower, it is too damn foggy way too often in the Goblet. I agree on that.
I'm not having a go at the Goblet btw, I like it as it is now, I live there, I'd move my FC there if that best large plot would open up. Just talking about how I'd personally tweak it closer to my dream housing area.