I for one would like the ability to do questing/ missions with my friends. I would like for their likenesses (created characters) to be able to be companions in the game. It doesn't need to be like a MMO or anything but it would be nice to be able to take my brother along for a quest instead of some NPC that I care nothing about other than the fact that they are a decent mule. I would also like for my buddy in New York to be able to show me weapons in game and invite me to his house or lend me spells. I like the layout of the worlds and the player creation and even the story lines of the games but that interactive feature has been missing. When I'm playing on xbox I routinely would be in a party chat with 6 of my buddies and we would all be playing the game and talking about which parts we were are and what we had completed. The most frustrating part would be trying to communicate to someone where a treasure was or where they needed to go to complete a task. It would be great if I could just take them there or better yet pull up a blank map on my screen and edit it (kinda like a treasure map) and then "mail" it to my friends house in his game. He could then travel to his house and get the map that I sent and know exactly where he needed to go.
I think that next generation consoles open up tons of possibilities beyond the usual graphic improvements and larger worlds. I think that there is also a place for a shared experience amongst friends. It shouldn't be necessary but for those willing to play the game that way it sure would be welcomed.