The little things related to this will add up to make a difference. I don't want to know whether a mob is elite or not - there shouldn't even be a differentiation, some mobs should be easier, harder, and a scale in between. I shouldn't be able to see mob levels. Give me some type of rough idea - a con or whatever, but not shown exactly. Make what they spawn with noticeable and more or less difficult with weapons.
These are the things that will impact gameplay, whether it's a true successor. If it's Zyngaified and F2P-ed out the ass, and every mob dies within secs but with 'heroic' versions to appease real gamers, where the drops are just different colors of what's on the station cash store, then Sony can go fuck themselves along with Blizzard.
/consider in EQ gave you the exact level: white if you were of the mob's level, yellow was +1 or +2 levels, red +3 and onward, on the other side, blue up to 3 levels lower and the later introduced light blue I think went to -6.
Normal, veteran, elite, champion, boss, badass motherfucker, etc. should be hidden (agree with you here) and possibly let the audience figure out what they do and how evil they are (D'Vinn... is that you? That's my leg, and my left eye!).
You know what I loved in EQ? One thing above all others: some guilds were doing the latest content, some were even one or two xpacks behind and didn't give a flying fuck, they didn't feel like they HAD to do the latest raid to have fun. I have helped my friend's guild a gazillion times in Fear and Hate while my guild was doing Velious stuff. One extra person was always welcome, no closed numbers.
It's this I hate from modern games: players may do this thing that completely crashes our prestamped progression path or loot acquisition timetable, so devs forbid them to even try. Fuck it. Make loot scarce, make hardcore poopsockers spend their life getting full sets, the others will be good enough with what they can scrap together and still have fun. I know I do, even in modern games, many others do.
I never got full Ntov loot, nor VT loot (but I got Athen's necklace ^^), but I had a load of fun getting stuff for me and for my guildmates (except two assholes, but that's part of life, so I've been told

).
Tier gear? bullshit. Mix and match from two years of content? Awesome. (IMO).