Mostly everything, but if I had to pinpoint something in particular probably customization, possibility of players interaction and open world.
I like how atmospheric some of the islands are, and the storyline is very interesting. It is the main reason I play the game really.
Everything.
The world. I really like all the kingdoms and seeing how they affect each other. Especially how the player has had an affect on them as well so far. The death of King Calvus has already had some pretty far reaching and devastating consequences, and I think it’s only gonna go further from here with many more things happening as a result of this war all being direct or indirect consequences of the player killing Calvus.
climbing and agility
Builds, both equipment and character.
Equipment, I like seeing how far I can push things like size and speed, and I like that there’s no perfect equipment set for every situation - you want warding for dark sea, having a diving set is really nice, you can make an agility set if you plan on doing a lot of running around, things like that.
Characters builds, I like to think of clever or fun combinations. I made a gold cannon lock so I could pretend to be throwing money at people, for example. I also have a wood conjurer that will only be using wooden weapons.
The two can be put together, for example I plan on giving my magma/explosion mage a max destruction set and a max attack size set so I can blow things up. If I make a glass character, I am definitely going to get a minimum defense set for it to use.
How much you can customize your build and attacks
That it’s a continuation of Arcane Adventures which I spent a lot of time on.
Vast world building, in a vast world in general.
The characters can be worked with, but that’s why I joined the forums. Carina has like 12 lines of dialogue and one boss fight and she’s still one of the pillars of the game in the community.
pvp and the world building are tied for my favorite things. literally lay in bed and think about the lore (i have problem)
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i love everything about the ship and the crew (deckhand, shipyard and all but quartermasters mostly)
I really wanna know more about who these quartermasters are and what will they become. What are the other quartermasters that i will find in the future. I enjoy having these characters follow me on my ship and fulfill my power fantasy.
i just love how the ship and crew played out in this game.
there was a time when we didnt have customizable skills. AA almost switched to that format but that never came through; iirc vetex said it’d be very time consuming and take time away from other features, so he put it to a community vote and the rest was history 
i’m glad we got that feature eventually, even if there’s not much incentive to play around with them beyond what’s obviously the most optimal configuration. flexibility here will no doubt expand with future updates and increased level caps, but that can only happen if the game survives
i want to see this through, and i will be bitter until the day i die if i can’t
The lore is aight. That and my love for arcane adventures
character creation and building
boss fights and flashy abilities
Probably Makrinaos. Just the process of exploring the place alone for the first time for like 2 hours with a lit torch was fire. It would have been absolutely peak with the banished king boss fight at the end in the insanity 3 room though. Vetex plans to add him later.
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Drip and lore
flashy? like tengen uzui flashy? 
dissapear from the others but appear for me 
trust me, it was just a coincidence.
coincidental love, I like the sound of that