Let's see.
- An open, seamless world. This includes buildings. And they should have doors.
- Full freedom of movement. No flying mounts, but there are
- Designed to be roleplay friendly. This includes character biographies, among other things.
- The world isn't covered in things that want to eat/kill you. The world should be relatively safe until you venture to completely uncivilized regions.
- Multiple travel options: mounts, ships, airships, caravans.
- Skill-based progression, no classes or levels.
- Motion-captured animations.
- Exquisite character design. No two characters will look alike.
- Realistic clothing (yet appropriate for the setting), fantasy armor.
- A full crafting system with two modes (quantity, for skilling up and materials, that requires that you only have the materials; and quality, that requires effort on your part to create high-grade items).
- A first-person viewpoint (toggleable) that has body awareness - I should be able to see my weapon in my hand, not have attacks magically appear out of midair.
- A world where my race, gender, skill selection, and equipment matter to the NPCs and make a difference in my interactions with them.
- A fame/infamy system that also affects your interaction with the world. This reputation should also be reliant on both skill selection and past deeds.
- World interaction that is more involved than just killing things. Let me help run cities, social events, businesses.
- A complete player housing system is an absolute must, and it should be non-instanced: all the various yet useless buildings that normally populate MMOs should be purchasable by players.
- There is no end game, because there are no levels, and progress is mostly horizontal.
- The goals in the game are more involved that simply striving for shinier gear.
- A market system that has player run stores that compete with both players and NPCs.
Edit: Updated