I have some imput
1) Longer (No suprise)
2) More than 1 Arena visit, Add a betting system in it so you can try and win legendary weapons. (Use Xbox live to play with other people)
3) Another Continent would be cool, Travel either by boat or some Demonic/Heavenly means.
4) Other Heroes you can encounter. Some trying to kill you some looking to help others competing against you. Also an option to say "Get the F*** outa here" (Xbox Live compatabile)
5) Difficulty settings, Enough said.
6) Easter eggs (Fun little thnigs like name puns)
7) I Like the idea of many traders that need to go to orchard farm, if you add more traders wishing to go to farther places it would be cool.
8) Party-Skills, Skills that help your party. Heal life is a good start but add more skills such as a temporary enchant like in Diablo 2
9) Different Climates, There was basicly just woodland and such, mabey add something like a desert quest or a really advanced culture that is helps Jack
10) Seasons, Make it snow! lol
Thats all i can thinkk of right now enjoy