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So I'm enjoying many facets of ESO, but the lack of new PvP content/balance is making me at least look for other options- be it existing or upcoming in case they don't deliver once the content starts rolling out. Anyway, I'd like to find the following features in an MMO:
1) Fantasy. Preferably darker and western style. Amazing graphics are NOT a requirement. I'd love to see something with the style of Warhammer Online, though I know that won't happen.
2) A very high level of gameplay customization. ESO does this rather well. I like personally balancing my offense/defense/sustain and chooing theme and effects of skills I like rather than the game tell me exactly what I am and how I am to play (like WoW does). Class-less would be preferred, but I realize that hasn't quite caught on.
3) Open world PvEvP. Not a carebear quest game. Not a zerg for castles or contrived feeling that arena and battleground setup give (not that there can't be castle sieges). Real open world fighting for legitimate economic resources, for mini bosses, world bosses, for chests, etc. Solo, small group, and large group objectives. We're not fighting for a score, we're fighting for dominance.
4) Choices matter. If I decide to become a Necromancer (not a class so much as "unlock" the skillset) some civilized places in the world should be hostile towards me. If I'm using Necro skills I can't also use paladin skills. Necromancer skills should impart certain strengths as well as weaknesses. No more watered down crap like we're used to, but if you do X this is the shit that's going to be a consequence.
5) A world without narrative. Give us a brief backstory about what's going on- who we are, what the world is, recent history, etc but for the most part the game should throw us into world and say "go forth and conquer!"