What I miss?
1. going to a dungeon in plain dress, floppy hat and sandals
2. using Magic Resist against, well duh - magic, and swift legs/mouse/skill against melee attacks
3. wearing armour only on warrior characters or on a blacksmith just for show and knowing what a "heavy archer set" is...
4. reagents
5. WBB both Tram and Fel

6. people selling horses and ostards by the bank, people actually riding horses and ostards that are not semi-transparent
7. VDP katanas ...
8. people everywhere
9. newbiefied clothes and useful objects
10. friends long gone
Good take.
I miss the way combat used to work. The system where armor hurt speed, hit locations, etc. Tough to balance, but they eventually had it except for axers, maybe a couple of other things too. But this allowed a player to go with only cloths if they wanted. Also allowed naked peeps, which was a drawback to many. But Conan the Barbarian often went almost naked, if it's good enough for him, I'd say it's all good.
I also miss the old ways of magic, with reflect and resist, etc. I used to love to cast reflect at just the right time in PvP. Timing was everything, as opposed to today's items. It was much more fun using yer noggin.
Reagents. They gave players what they wanted, and it hurt the game and it's experience. Another "need" that brought players into towns, allowed for players to harvest and sell, etc. Something to consider.
People selling mounts at the bank. Again, making things easy hurt the game in a much broader fashion.
The old weapons magic system. It was simple, and the top stuff was somewhat rare. You took care of those like they were your best friend in Sosaria. You used stuff that was lesser most of the time, so if you lost it...no biggie. You LOST stuff. Again, good for the game, good for the experience, everyone's got a story about losing something special. None of that today.
No people around, no old friends remain. Making the game easier doesn't seem to correlate to keeping players.