Build your own town/city.

[Timmuborgir]

Would be cool to build your own town, deciding what kind of shops or guilds are there. Eventually getting a noble to run day to day affairs while you're questing.

[Ommamar]

Yes that would be cool but I am not sure how you would implement this. I can see several paths through the faction system but the actual nuts and bolts to allow it aren't there in the core game.