I would like for there to be a little more to the main story line. You have an awesome intro weaving an awesome start to a story, and then that's it. You have all these areas with no real story to them, and if there is story it takes hours of research and discussion to even guess at it. And the 20 second ending is a huge dissapointment in terms of story. I wouldn't mind there still being some obscurity to finding out certain parts of the story, but I don't want the entire story to be drowned in obscurity. Especially the ringing the bells part, they could have added a lot more to that but instead it's just a quick cut scene of an ogre opening a gate, they could have at least tied in the boss or some enemies.
I want more out of the NPC's. It seems like almost all of them have like 2-3 minutes of content and that's it. I like how a lot of them have storylines that arn't neccessarily part of the main story line and they're doing thier own thing, but I would like more then a few lines and a mediocre reward item. And more interaction, other then Patches you don't have much interaction other then listening to thier lines. Maybe some more in-depth sidequests, 2 npc's feuding and trying to get you to take sides would be cool.
Some story to the differnt areas of the game would be cool. Like the huge church in the parish, it's really cool but you learn nothing about it. Or some lore about the tomb of giants. I'd be happy with some a few passages in a book or on a wall or something you can read and at least find out a little bit about significant areas. Or at the very least it would add a little bit of atmosphere to an area.
Gameplay
All weapons should have at least 3 moves. I love battle axes, but having one move really ruined it for me in DkS. I also want to see the power of the base weapons be more leveled. I like to use the weapons you don't see in other games as much, but it seems like a lot of them are underpowered compared to the more popular swords and spears with no advantages to level the playing field. Like the claws. They made it a lot better with DkS, but it's still there. I want all the base weapons to be usable without feeling like I'm disadvantaged using them. And I want more special weapons that arn't swords. And the item weapons need fixed, the knives are worthless after the burg, and firebombs are towards the end of the game.
I would like to see the blacksmithing expanded upon. While I enjoy upgrading stuff, I would like to be able to customize my upgrading a little bit more instead of just picking one path and being stuck on it. Like being able to make your weapon faster while sacrificing some damage or adding one part fire damage and one part bleed damage. And in all honesty, how is this the only game in the world that has elemental magic with no opposite? How do you have fire with no ice?
I would like to see the leveling system changed. I like how you have to pay for levels, but I hate how it forces you to specialize to have a solid character. While I'm generally a strength/dexterity guy, I would like to have access to some magic and have it actually be useful in the later levels. I did like how pyromancy gave you the option to have access to some magic while still being able to focus on strength or dexterity. I think an awesome idea would be some magic spells leveled to other stats, like some strength or dexterity or vitality magic.
I would love to see the option of difficulty levels. That way you can ease in the new or not so good players, and give the veterans more of a challenge. I often feel like I would like to bump up the difficulty at times, especially the speed and aggro level of enemies. I just seem to fly through the first and second play through now. I know you can do "challenges" and stuff to make it harder, but I want that challenge of doing everything I can with the full assortment of gear just to squeek by. And while NG+ and all that helps, it takes quite awhile to get to NG or NG+, it would be just as easy for them to have a difficulty level selection without compromising the game.
I want more atmosphere. Demon souls had a lot of atmosphere, and there was actually stuff going on. You had miners in the mines, guards patrolling a prison full or prisoners, soliders guarding a castle. While I enjoy the world of DkS, a lot of areas don't seem to have much atmosphere. It seems like almost everybody and every enemy in the game is just sitting around in some area waiting on you to get there.
Online
Backstabbing should be limited to daggers. That way you can still have the sneak aspect available, but it will help prevent 75% of PvP being a strafing match to see who can lag behind who for a backstab first. I hate it when I'm owning somebody and almost have them finished off and they manage to back stab me with a full sized weapon and take 3/4's of my health in one move because my game lagged or I was momentarily distracted by an enemy. Or maybe have a ring that reduces 1/2 your health but allows backstabbing. Point is, I thing backstabbing is way to overpowered in pvp.
I liked the idea of the covenants, but I would like to see more out of them. I feel like if they cut down on the number of covenants and focused more on thier content and interaction they would work better. It seems like several of them were kind of redundant, and that others are basically side quests or just another way to pvp. I would like to see some feuds between covenants, and for them to have a little more to thier purpose and for them to have more affect on the game itself. Other then online pvp none of them really have any affect on the game itself.