The virtues of FFXI could be captured without recreating it or trying to reach the same exact state. I think I could describe some of these virtues as:
-The overworld being a world you continually engage in (and actually respect as a threat when you explore), even after earning and creating shortcuts/teleports.
-The leveling experience being an ever refreshed and vital part of the game made dynamic by other people playing an important role.
-Quests/storyline and grindy leveling encounters were held separately from each other, not allowing the latter to corrupt the former into throwaway filler that loses meaning (and to a lesser extent, not allowing the former to change the latter into a linear hand-holding experience that is likely simplistic solo content).
-The accumulation of a variety of content to do (and gear to use/get) rather than being fast-tracked to a repetitive dead end as most of the game (or the endgame alone) has become obsolete,
-(Most importantly) The sense of community (and not from just a (small, isolated guild) community, but the community) as it plays a fundamental role in how you progress in the game and felt whether you are in town, in a party, or run into someone in the wild (all of whom may belong to a culture you may otherwise never interact with, i.e., the game was global).
FFXI could be very boring, repetitive, frustrating, and time-consuming (altogether off-putting), but the effect it had on its players is worth looking into. Even the developers of FFXI didn't see the potential in what I've said above and rarely capitalized on it (by now the game has completely subverted itself, but I meant even before that: it never did anything nearly as good as it could have). There's something that should be really appealing to developers here: FFXI players were willing to put themselves though what could only really be described as hell compared to current MMO expectations and remained an extremely consistent playerbase as WoW-killers (often with far better content pipeline/budget) around the game dropped like flies. The FFXI model of players being extremely attached to other players, having more and more content rather than less and less, and the open world you spent most of your budget on never going away is fighting the problem of there never being enough content for players. For lack of a better term, FFXI was more future-proof in an environment where three months could feel like an eternity.
You'd think we'd see a compromise where even one thing was gleamed from FFXI's success. FFXIV isn't a compromise though; it goes in the complete opposite direction at 90 mph. That direction is one that is lamented by old EQ, FFXI, DAoC, and even early WoW players; the one that turns Massive Multiplayer Online games into something that doesn't feel very massive nor very multiplayer. FFXI, for example, had world that felt massive in a way no single player open-world game could meaningful achieve and it felt multiplayer in way that was deeply engrained into the experience and you couldn't get anywhere outside the genre.
Could you really say anything I said above applies to FFXIV? I mean Duty Finder, which is pretty much the central content mechanic, is completely antithetical to most of what I said (and still feels like LFPing on certain classes heh). I think in the end they've only hurt themselves by learning nothing from FFXI. I felt that was their competitive edge; the answer to the question: "What makes your F2P-bound WoW-killer different?"
Anyway, in this sense I never wanted a FFXI-2, but a game that remembers it existed.
(EDIT: Specifically talking about harmless overworlds: I remember someone saying how great it was they could explore the whole world safely with a chocobo and I was left thinking: That's like saying your glad the world is one giant suburb so you can walk through it.)