If EQ3 Hypothetically were in development, what would you suggest?

[Knuckle]

EQ3 I would spin in the direction of something closer to what fits EQ 1 on steroids. Use the original world on the newest unreal engine, crank city and land size up by 2x at least but maintain the formula of using static/roaming mobs with set loot tables. Add some additional factions that are at war with eachother, make the merchant path a viable one for players to choose, and perhaps some set limited territories for player contesting of certain loots and dungeons ala DAOC. Keep it as much of a non instanced game as possibe.