One thing I think might be necessary for EQnext to feel really cool is making long distance travel really difficult/time consuming. I hurts me to say this, because I don't find much more annoying in an MMO than travel. I just feel like there needs to be a way to attach people to a geographical area, and limiting ease of movement may be the easiest way to do this. You could probably do it with resource availability too, so maybe a combination of both.
I just have this thought in my head about a giant world with different regions with their own communities. You stay in these areas for long periods of time and they are constantly changing. Maybe when the community first enters the Karanas they are very much like EQvanilla, sparsely populated and full of animals. Because travel is so annoying, players set up an outpost to better facilitate levelling/crafting/resource gathering. The settlement attracts bandit NPCs to the area. As the settlement grows, it becomes a threat to a local population of orcs, or perhaps mining activity uncovers a procedurally generated tunnel system of gnolls that overrun the outpost. Perhaps instead of rebuild, the locals relocate to a nearby city and start the process all over...
Ugh I hope this game is that cool...