I want an MMORPG like Diablo 2, where the story is good, the questing is useful and unique, and the PvP is amazing. Not to mention that killing bad guys is awesome in that game.
An MMORPG that makes it so that you grind a lot or have a bad PvP are bad. Most MMORPGs are like that. I'm just always hoping for a good MMORPG that is like that and isn't WoW (P2P) or EVE (P2P).