You can go anywhere from the start of the game. But I don't mind having very few areas that a devs don't want the player to wander off to soon, but instead of being locked by a invisible wall it must have a more have a more natural barrier - like a tough oponent, or the player needs a certain resource to progess further (be it an item, spell, money, stat/skill or an NPC) or a quest must be completed.
You can ask NPC for all kinds of shit, but it must be consistent (peasents shouln't know much of topics like politics, world history, philoshopy, or about the other regions geography, etc).
Horses are a must for large areas.
There can be fast travel in the form of services (carriges, boats, etc) or spells/artifacts.
Hand crafted and highly interactive world, consistent with the lore behind it.
The different regions have different architectures, history/culture, guilds, craftsman (as in a region as better blacksmiths, other better taylors, etc), NPC schedules (and they must actually do and produce shit, rather then just walking about), laws, econamies, resources (that refil based on the NPC that work), bounties, borders and relations with the different factions, wich the player can take advantage of.
Merchants wares are on their premises.
NO Level scaling of any kind.
A character progression system that is interesting and deep while being easy to understand how every stat and skill influences you. A progresion that makes the player feel like he did get stronger but even with a high level character, late game bosses and high level enemies are still not to be fucked with as they are deadly and challenging and mid level enemy groups should be aproached with caution. Also that character progression system must be as less broken as possible and when the player reachs a high level he can't be excellent at very skill - meaning that if you focus on every skill/stat, when you reach the maximum level you'll only be mediocre or barely good in every skill/stat but never excellent. This makes the system more belivable, with less broken, more fun and increases the game's replayability value by a ton.
You can complete any quest trough different aproaches (combat - shealth - speech - environmental interactions). Of cource some paths will be more difficult to use depending on the situation, but this means your playstyle and character skills/stats do make a difference and again increases the replay value.
Turn based combat for multiple controlable characters. Action combat for 1 controlable character (migh have a follower system if it's as good as Dragon's Dogma).
Enemies have different strengths, weakness, AI and attacks. And reside in different environments, ex.: griffins in mountais, zombies near necromancer's hideouts, demons in other dimensions or when they are summoned, etc...
No quest markers and no mini-map. A descritive journal and a compass to help orientation. Plus an in-game map that clears as you explore (or a item like in Gothic) and allows you to mark and make annotations.
Good, fun, engaging quests. No fetch quest bullshit.
Good AI.
Good UI.
C&C should be dynamic, like if kill the region lord a whole set of quests dies and whole new content opens up, and that region changes profundly (form guilds, to the NPC schedules, law, econamy, resources, bounties and relations).
In fantasy settings, dungeons must be more varied than caves and tombs, have good level design and not to be just combat.
NO hand-holding whatsoever.
Ultimatly Mod Support (but this is a must for any good PC game).