I want a giant city /urban area. Some races start in the main city, some in the cities ghetto, some (trolls) in the trash dump, evil classes underneath in the sewers, gay elves in the mansions in the nice area of town, gnomes in the side of a mountain they dug into against the orders of the city zoning commission. Let dwarfs start in a tavern of their choice.
It would fit the lore of Pantheon, be easier/cheaper to create than a bunch of zones that will end up empty, be good for the community aspects we all claim to care about knowing we're going to PL to max and never interact with anyone outside our guilds, it just makes sense. Could do all the 'newbie' levels right there in the city, and a zone-based game would allow for all sorts of basements and sewers and abandon buildings, etc. Could even have some high level content in the city by making the city have a mix of factions.
One centralized place everyone starts would be cool with me. I don't care if it's 5 different zones. I don't care if they have to phase/clone it for launch. It would be cool and better than most other options that I've seen.