1. DYNAMIC EVENTS
Solo driven quests are so boring. GW2 did it right with dynamic events and so did Rift, but they are not that warhammer lore we all like. Imagine having both solo quests and dynamic events in WoW, making the player choose to join a dynamic farm group or solo in the world by themselves. I bet ya that most players queue in dungeons anyway because they are sick and tired of questing.
2. GRAPHICAL UPDATE
WoW is old and have a good amount of fans under it's belt. They can not make a new WoW without killing their own customers that paid monthly to get a good character, only to see that they have to roll over again in a new game, that can't be made without erasing the big WoW titan history along with the players in the game that partook it and got several memories from it. Let there be an option to choose next-gen graphics or stay old school without deleting characters.
3. TRAITS AND SKILLS THAT CATER BOTH FOR RAID VS. AI AND PVP.
I think they can upgrade their engine to use weapon skills + traits instead of talents. This has been proven by GW2 to be efficient in PvP as they were looking to make it esportic from the start. Without interfering with PvE, I think this is a good option. Right now there are only cookie-cutter classes in WoW PvP, Blizzard should look into making WoW esports instead of making a Blizzard All-Stars game.
Now, I think GW2 is an okay game, but it is not for me. I like many of their stuff, but the world and lore, coupled with what I would call only transmog gear instead of beneficial upgrades, make it not a favourable game for me. But they got many things right, and EQNext knows this.
Also, Blizzard will never make a class change system like FFXIV has and EQNext will have, if we look at it from a business point of view.