I'd go for Yokuda somehow rising up, but not as the main plot of the main quest. Perhaps a good expansion. Or even Atmora. That could be pretty awesome.
EDIT: Yokuda is the Redguard native land, Atmora is the Nede (original men) native land, incase your lore is rusty.
I'd love a game set in Yokuda but I think I'd rather have it take place in the past, when it was still around, rather than after some unnatural event causing the island to resurface. I wouldn't buy into the idea of a God or powerful mage raising the island unless the story was REALLY well researched and written, which I can't see happening (no offense to Beth but it seems like they're putting other elements above lore, which is their decision and it seems to be working for them). And I can't think of any natural disaster that would cause an entire island to resurface...
I'd buy the game for sure, but I only want a game in Yokuda if it makes sense for the game to take place there, and to me that means setting the story in the age when it was still around. Personally I think it would be cool if a game took place right around the time of the fall of Yokuda, and the player was pivotal in the events leading to its destruction, and then afterwards you survive the cataclysm and sail/wash up in a new province or on a different island (Sumurset?). That would appease players looking for variety and/or multiple provinces, though it would svck for completionists because once the MQ is over you would't be able to go back to Yokuda.