I voted for quests, because of what is drawing me to this game in the first place: my deep frustration with other fantasy themed MMO games and their very rigidly zoned, and highly PVP focused systems where quests are just a way of leveling and do nothing meaningful to drive any kind of story arc.
"Go kill Villain Bob the Bobulator, the future of Xandidia depends upon it." And off you go to kill Bob and along the way you run into five other people who have killed Bob within the last week. They tell you all about his strengths and weaknesses and how many attempts it took for them to beat him etc. Completely kills the immersion. There is no sense of accomplishment if you succeed, no sense of loss if you fail, and it does NOTHING to drive the story, since win or lose Bob will still be there tomorrow, and the next day, and the next and so on...now if that were a single initiation quest or something along those lines I could see it...but when every quest in the bloody game is like that...

I understand the catharsis in leveling up and beating the crap out of someone else's avatar (sort of...I can conceptualize it...lol...I do enjoy "grinding" and "farming" sometimes as a way of relieving tension...ruin
ing someone elses mood to better my own...not quite so much)...but there are dozens of games that let you do that already. And it sounds like this game will be very open to people doing that too. So there is no mystery there I don't think.
But, like I said, what really draws my attention is the idea of a game world that is different - where I can develop a unique character with a unique history and where my actions (or inactions) matter in some way beyond yet another duel or completing yet another quest that everyone else playing the game has also completed. Something immersive that seems like stepping into another life in another world. That is an element from single player games like the Elder Scrolls series (for example) that is completely missing in the vast majority of mmoRPGs. I emphasize RPG because most seem to forget what that means. You seem to be working towards that in some way. But for that to work, the quest system (I assume) is gonna be a bit different than in other mmoRPGs. So I'd like to hear about that...because that IS a bit more mysterious.