I haven’t been in-game long, but I figured I’d post my suggestions here if for no other reason than to get them out of my head!!
Here’s what I’d do right now…

1. Fix combat (not revamp…just fix it so it works right now).

2. Implement decay on everything (including skills)

3. Implement Regional Resources & Revamp current recipes incorporating these regional resources in order to promote trade (best wood for weapon hilts is in SE corner of map, etc)

4. Implement some form of restrictive skill-cap (soft-cap, hard-cap, etc)...again..to promote interaction and trade.

5. Implement mechanics to accommodate large trades (pack animals, wagons, etc)

6. Finish up the architecture system with working walls, floors, and roofs so that people can truly customize and build their own structures (along with this, fix current structures so that they have a function/work)

These ideas would open up a HUGE door for trade, interaction, conflict, and purpose in the game…I even think most combat/PvP-oriented people would be much happier with the current system at least working until the new one is ready…
This would allow people to start filling/defining their roles in-game…traders, mercenaries, bandits, guards, trade-brokers, etc
The importance of roads to large-trade options (animals, wagons) would provide reason for the establishment and building of roads and traderoutes as well as providing some options for political/inter-tribal communication (tribes could tax a traderoute in return for keeping it free of bandits/brigands)

Going one step further (down the road somewhere) would be the implementation of catastrophes/disasters (probably related to the mist) in which certain zones experience a limitation of resources (disease rots trees making the quality fall, etc). This would provide instant demand and fuel trade, conflict, and interaction. (These resources would certainly return to normal after some time).

I’m not a programmer, but I realize this list is a large work-load. And I realize that I have more ideas than would ever fit into one game. I also realize there are many other people with many other great ideas. This is just my idea proposed to give the game purpose and to fill in some of the current gaps. (With some constructive criticisms and ideas by MrDDT, Fatboy, NorCalGooey, and others in IRC)