1) Ninjas, Samurai's, and Tokuno. Sorry, I just don't think they fit the theme of UO. I'm a total hypocrite and I will USE at least Bushido, but I'd rather it not be there at all. Thank god there are no spaceships or guns yet.
2) No world political system (Beyond Sigils) - Why can't players or guilds govern a town yet? Declare war on other towns? Taxes? Select NPC's? Declare citizenship? Vote for council/rulers? Siege other cities? Put those old cities to use!
3) Large tracts of land you literally can't do anything with (I'm looking at you, Malas). Can't place houses, nothing spawns there or at least nothing worth killing/taming, no trees.. What the hell?
4) Virtues? What's a Virtue? Oh! The 5 skills that do small things, take forever to gain through convoluted means, are quickly lost, and few recognize as anything beyond trivial? Yeah. That's the spirit of Ultima!
5) Titles - Not clear on how you get them, can't set them if you have several titles available (I think.. not sure.. not even really sure I have a character with more than 1 title!), and IMO, not used enough. It's a great carrot on a stick to give people something to work for that they can show off, and it can should be easily selected with a gump or drop down menu.
6) No Sub-Specialization - I liked the idea behind the specialization system that was dropped (Can't remember what it was called). I'd like to see ways that beyond just raising up a base skill, you can specialize to excel your character in certain areas. Example: Max Swordsmanship, but specialize in 3 sword types and get unique abilities or do more damage with them. Take GM Parry, specialize in defense with 2-H Weapons, Shields, or Evasion (Simply dodging, regardless of weapon). Magery? Jesus, that skill line has too many different types of spells to start.
7) Saphireena hasn't been hired to completely redo all of 2D's artwork. I don't care if it takes her a year of doing nothing but redoing pixel artwork - The improvement that would bring to the game alone would be worth the base pay of a graphic artist.
8) A stable, new client that actually functions like UO 2D + UO Assist (All of it's functions).
9) I don't have enough time now that I'm an adult to play UO like I did when I was growing up. Not a peeve about the game, really, just generally something I'm pissed about. Damn you, adulthood!
10) UO2. Seriously. This is a goldmine of a franchise and it needs to be brought into the 21st century. New clients simply aren't enough - The world needs to be re-envisioned with modern coding practices and technologies.
11) EA. *Points to Sig*