1. Make the towns archetecturally different.
2. I'd like a better trading system -- why the heck does seafood cost the same in Bruma as in Anvil or Leyawiin? The cost should reflect the rarity of the item in that locality.
3. More puzzles in the dungeon. Not just find the hidden switch, but solve the puzzles -- rotate or move things on the walls to form a picture, passcodes, stuff like that.
4. Main bosses should be harder. Jyggalag fell in 3 hits -- a total letdown after the work of getting to him. I want epic battles where I fear death and limp through with almost no reserves.
5. I want my infamy to scare the [censored] out of the townsfolk, or my fame to raise disposition.
6. More dungeon types. 4 isn't enough.
7. Two modes chosen at startup -- arcade and simulation. I'd keep fast and handholding quest updates for the arcarde style, and take them out for simulation mode. Possibly add hunger, thirst, and sleepyness to simulation mode.