Anyways, speaking for myself:
-Less emphasis on creating a fantasy 'game' and more emphasis on creating a fantasy 'world'
-Almost entirely player-driven features (economy, questing, conflict, drama, story) but with NPCs to help stabilise systems where appropriate
-A world steeped in lore but a world where players are able to change the future, thereby creating their own lore
-Dynamic world that keeps players guessing (migration of mobs, nomadic "beastmen", NPCs that have individual motivations and can change the world as much as players)
-Able to create your own class by combining skills
-Abilities are balanced to create diversity
-Architecture is itself a craft
-Heirarchy of players (Nations, Alliances, Cities, Guilds, Parties with complex systems in place) and territorial control
-Mutiny systems in place to destabilise "zerg guilds" from claiming too much power
-Overarching struggle for dominion and resources by nations, but on a player-to-player level, there is still lots of social aspects to the game
-Aesthetically pleasing design of races, equipment, and world. No tacky things allowed! I've had enough blue hair and glowing weapons for a life time.
-Oh, and the game must have no large instances
-And it needs to have multiple modes of movement (jumping, climbing, walking, running, sprinting, swimming, swinging)
-And there needs to be many ruins for exploration and tomb-raiding, and treasure-hunting.
-Oh, and combat system has to be FUN!
