Ah, for me... Well, I mostly ever played KitsuneRO when it was still alive, so I might be a bit biased...
Anyway, here goes:
1. Super High Rate - I simply love the massive stats and levelling up to them. I should be able to level up fast, but not too fast - aka it should take long to get to max (999 is my favourite ^^;) level, but the startup should be fast, like, one slime to get to level 50+. :B
2. MVP Arena. This is a must. My favourite original tune for it is Winds of Tragedy.
3. All mob pets. I'm a fan of harpies and nagas, so I love having them as pets. ^^;
4. Disguises, for example disguise rings. They are all kinds of awesome.
5. Special NPCs to reset levels, stats, skills, everything, so that you can change your setup anytime you want. Also NPCs for selling custom gear and stuff normally obtainable only through quest. Maybe mob eggs too.
6. Interesting custom items, accessories, weapons, armour, mobs, to make it all the more awesome.
7. Most possible commands, I love exploring normally closed-off lands and locations, and @storage and @autoloot are damn useful.
8. Not too crowded, but also not empty. Umm, 100-200 people, I guess.
9. Something like a gold room, to gather lots of money in a short period of time.
10. Third classes.
11. Friendly and helpful GMs that aren't pricks.
X. [Optional] Custom classes/races.
cya
Raziel-chan