I want a "realism" mode like the Deus Ex games offer. That means swords can kill enemies quick like a real weapon could, but they can kill you just as quick. It would be a game of reflexes. This also means that shields block all damage, but you would probably lose stamina if you were blocking while hit.
As for compass stuff, I wouldn't mind if quest objectives weren't so straight-forward. Sometimes it's fun having to look around for where you're supposed to go, or have to use landmarks or navigational tools to find the right place. (I think Morrowind had a quest where you had to pass a couple landmarks to find a hidden cave, it was pretty neat, although it was a little frustrating.)
It would also be neat if maps and compasses were physical items you had to hold in front of you (like FarCry 2). I think that would add to the immersion quite a bit.