I wouldnt have people level, I would go back to the skill system of UO and SWG.
Leveling is a good fun way of seeing story line imo, you do quests, and get to see and be part of a cinematic and evolving story lines, ect ect much like what Warcraft have done in Wrath at parts.
I am not altogether sure that housing and dyes would be considered either unpopular or not marketable. Certainly not dyes. Every MMO should have dyes in my opinion...I mean, I can smelt ore and craft weapons and armours ..but I havent worked out how to change somethings colour?? and lets face it...how often in dye-less games have you got some great looking armour and thought..damn, if only it matched my <insert other armour piece here> or...looks great but I wish it wasnt x colour.
Housing, meh to be honest. It sounds good fun, but I have the Sims for that

I've been wanting them in Warcraft for a while, well not wanting, but wanting to see how they'd do it.
Dyes ! LOL Can't believe all MMO's don't have this to be 100% honest. It's a massive feature that should be included, I've trawled dark and dangerous dungeons for epic level recipes but yet, I can't change the sodding color of a shirt I made
I think player controlled ships wouldnt be an unpopular choice in MMOs either, cant understand why more MMOs dont include them. I think GM run dynamic events would be very popular indeed too.
(though I will concede that the Full Looting and FFA PvP that I mention are required tastes and wouldnt be popular with the masses)
Full looting, and all that would suck. really really hard. Boats, meh. Lot's of little things that games do that you think "oh cool" someone else thinks "this sucks" and the more people that say "this sucks" the less games develop that.
I think, that maybe not "player" housing, but defiantly Guild housing, where you can have a plot of land near a capital city or for the PvP nuts near open world PvP area's would be a good thing, a Guild can have 40 of the most skilled, well geared, best players that kill the hardest bosses every other day, still can't get together and build a sodding house / castle ect ect.