I'm certainly willing to pay for a beta of a MMO if at least some of the following are implemented (roughly in importance).
1. Combat.
Combat should include VG-style Offensive & Defensive Target. OT/DT makes a lot of things easier, in particular healing.
2. Non-instanced content.
The majority of content should be non-instanced and competitive especially given the size of the population you're talking about. I am not opposed to rare instanced content (e.g. special class quest like in LOTRO or certain raid content). Nor I am I opposed to having some Boss/Raid mobs be summonable mobs as opposed to contested (VG's way to balance non-instanced).
3. Unique classes with unique roles in the group.
Rift made a huge mistake with its multi-class system. I know very little about Pathfinder (but a lot about old school AD&D and MMOs) but classes need to be unique and have unique roles: monks as pullers, fighers as tanks, mages as DPS. You want to incentivize people to group for content.
This is not to say that you shouldn't have classes that can solo (e.g. the EQ Necro) but you should balance solo ability with group utility.
Example (from original EQ): The Necro was the best soloer but the least needed in the group/raid. Warriors were terrible soloers but crucial to a group or raid. That's good balane.
3. Long XP curve.
The game should begin at level 1. None of the WoW - level to max and then cycle through the same 2 endgame dungeons and endgame raids. Original EQ or VG leveling curve. Six months to cap is a good yardstick.
4. Items that matter.
End the loot pinanta. Magic items should be rare and powerful and should last. No replacing everything on your paperdoll every level.
Bring back clickies and proc weapons. Levitation cloaks, Rocket books, Swords with fire procs, and Swords with slow procs.
5. Non-adventuring leveling (Crafting, Diplomacy, Trading, Mentoring, Player Housing)
If you're building a world after you've built the classes & combat system and worked on adventuring leveling, you need to start working on what's been termed 'horizontal' advancement. That is on ability sets that expand what the individual can do.
Examples include: crafting, VG-style diplomacy, a trading game (no global AH) and of course things like player housing.
6. Factions that matter, soft-factioning for player races.
Again back to EQ style factions. Factions should be hard to grind and matter but the WoW can't talk to the other side BS had to go. You should be able to group with anyone regardless of faction (though if you group with the Dark Elf and make the mistake of following them into their hometown, you should end up dead.
7. Death penalties.
Death should cause XP loss or XP debt.
8. Travel.
Travel should be slow to start but there should be means to speed up: SoW, mounts, and ultimately classes with teleport abilities. Various skills should increase speed (riding skill, swimming skill, flying skill if there are flying moutns).
As a general rule you want to set a low baseline for everyhing (starting skills, travel speed, etc.) and move up slowly from there. Having someone give you a free SOW (or equivalent) when you're a level 2 monk should matter.
With the long slow death of VG, the age of EQ, the failure of EQ2 and the likely failure of EQ Next there is a lot of room for a new non-theme part MMO. VG had 200,000 box sales, that shows the interest level for a great 'old-style' game.
I wish you all the best (break a leg as they say) and look forward to beta testing your game. I'll certainly mention it on some of the old VG forums.
Cheers
Tad10/Surface