1. Tilesets: Original Graal tileset with a bit of spicing up.
2. NPCs: Interactive areas with townspeople who randomly say different things, wildlife and monsters roam about, the world feels as if it's alive and constantly changing even when you're not there to see it.
3. Graphics: Graphics should stay pure to the original "look" and "feel" that Graal has maintained for several years.
4. Playerworld Style/Theme: All out questing with a splash of RPG elements that motivate you to diversify yourself from other players in the world. There should be a set theme and you should no go out of that boundry. For example, no guns and swords, unless it's an advanced modern setting like Final Fantasy 7.
5. Staff: Staff should be minimal and trusted with their power. Even if the staff member could script a clone of Windows XP that does not mean they can be trusted with the power associated with their job. Trust is not as expendable as power.
6. World Maps: I think that world maps are very important. Location is everything when it comes to a game. The world must be appealing and present itself as vast, but fun to adventure in. I also believe that islands and continents are too spaced out, there should be a big valley or just map that expands and is very scenic along your outward adventures, hehe.
7. Special Events: There should be events that change the world's appearance, these could be story driven events or in some matters player driven events! Other events could be tournaments for fishing, swordplay and so on. Some events could be held yearly, well, you get the idea.
8. Gameplay Type: See Raelyn's post.
9. Content: There should be a large update every month with lots of small updates, medium updates and large updates! This could work like EQ expansions and so on. This would be really exciting to look forward to as well.
10. Currency/Economy: Money should be scarce and in the form of tradeable items and what not. The economy should not be the sole purpose of the game, but an optional way of participating in the playerworld's constantly changing surroundings. If you have enough money then you should be able to purchase a House Deed and begin gather materials to build a home of your own. Things should work like that.