Instanced housing works well - except there is nothing in the neighbourhoods except houses and there are not enough houses for new players.
Crafting - farming and cooking is grand. Lots and lots of food is good good good.
Cosmetic outfits that are different from the fighting gear you actually have equipped.
Festivals and events - fireworks! Things that bring the world alive and players of all levels together.
Banking system, shared storage, and wardrobe system.
Booze and drunkeness - also lots of dancing emotes. Emotes period. The things that lighten the game. Give you the ability to just lark around with freinds for a bit.
Task system - critters drop random bits, you can gather random bits and hand them in for exp.
Freedom to explore the entire world and team up with whoever you want.
Giant demonic goats.