The most recurrent complaints I see are in reference to looting, meaningful combat and SoWs. I loved these features. However, they contributed to keeping the game small and niche which as a business model wasn't sustainable.
We need to find a meaningful alternative that would satisfy the new player base going forward and the veterans such as ourselves. I would like to make some suggestions taken from Dark Age of Camelot - which I fondly played for many years.
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Relics - Items held in castles which can be taken by opposing factions. These give small but meaningful bonuses nationwide especially when stacked. They should require a large gathering of players to obtain and a multi-step approach to give the defenders a chance to hold onto them.
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PvP xp - probably the biggest motivation to keep playing. The idea that your character can continue to grow in power beyond maximum level by engaging in open world PvP combat. It should progress slowly and will reward dedication. Careful consideration is required not to upset the balance with regards to a steady stream of new players and those who have less time to play. OPEN WORLD is key here, so that it cannot easily be abused. Events are rewarding within their own right. A PvP xp multiplier could be implemented for playing inside the loot zone to encourage fights there.
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Seasonal content (not from DAoC) - just to break the monotony. With the first two points implemented there will be a greater degree of choice when implementing this feature. Devs could change the nature of the bonuses held by Relics and have double PvP xp weekends. Or encourage use of a particular weapon for funny fights.
Other considerations - Relics if implemented should be reset seasonally to stop one faction holding them for too long.
Balancing these features would be the biggest challenge.