What kills me these days is the total, blatant, lack of impact in games. I'm going to cover one example. In World of Warcraft we ran one of the largest guilds in our day. Totally dedicated to PVP and outright killing of Alliance. We were villains, we were heroes.
When our newbies would scream they were getting ganked on Ventrillo I was right there to help smackdown their attacker.
But you know what- their ganker would just go run and hide for a bit, wait til I left, and then rekindle their killing spree with new zeal.
This is the "lie". There is no impact when we lack death penalty and/or Victory Conditions. I can think of so many ways even casual games can employ that would enrich PVP. I know there are much more talented game designers out there. What's going on guys?
In Age of Conan I believe your risk vs reward will lie at "keeps" (forgive me I'm not up-to-date). Also, there is blood money and wear and tear of siege equipment (not sure I'm behind sorry)
In WAR, this will be on the faction wide level. EVE Online has it at all levels (personal, corp, Alliance wide). Think spellborn might do something with PeP but not sure.
I'm eager to see what the future brings us. I am excited actually.