1) Assassins creed style movements and assassinations.
2) Spears
3) Bethesda develops the first true AI, and implements it into the game, with NPC's able to build sentences from millions of recorded words and you have a mic to talk interactively.
4) A true open-world. Morrowind was my favourite game, because it's the only game to ever offer a true open world. Even Oblivion added limitations, such as un-pickable locks, no levitation, and areas you couldn't go such as when betting on the arena.
5) Where ever you can see, you can go. Opening the entire map up would just be too big to enjoy for me, but having an invisible barrier is annoying. Again, I'll reference Morrowind, on the border of their map they had an infinite loop, that you couldn't notice. Something like that.
6) Realistic/Visceral combat. They say this is already implemented, but I'm iffy on how good it will really be.
7) Weather effects that actually affect gameplay.
8) Real power coming with being the guild leader, and through politics or force, the ability to actually interactively change the game world.
9) Epic race looks! From what I've seen, this is already implemented VERY well, but I have yet to see the other races.
10) Abilities back!
11) Hidden areas/quests that we are not expected to find. Special areas and cool stuff put in really out of the way places that most people would probably never find. Stuff like that. I love exploring all of these way out of the way/difficult places (including exploiting glitches to get to places I'm not supposed to go), and it'd be really cool if I actually found stuff there.
12) Interactive/destructible environment. However for the destructible environments, only in places that can be naturally grown back or repaired. I don't want to blow up half my world and never get it back.
Well, that's probably my perfect game. It's completely unrealistic and I don't expect it to happen at all, but ya, that would be my perfect game.