I think my favorite part of Valheim is right around the bronze age, when you're in fully upgraded troll hide, using bronze or maybe even iron weapons and shields. You can build with stone using the meager amounts of iron you have. It has the build creativity, a light and simple character aesthetic, and most importantly there are still parts of the world that are extremely dangerous.
I'm well past that age now on day 984, and the most disappointing part is that no matter where I go, I feel safe and unconcerned. I have to actively seek out challenges in the plains, deathsquitos are annoying rather than deadly, trolls can be ignored completely, and drakes and wolves are just free target practice.
We're obviously going to get some progression updates in the Mistlands, Ashlands and Deep North, but I really hope they don't build them in a way that they can be conquered. I want to feel that surprise and fear when I get caught off guard. The thrill of successfully looting, foraging, or mining something from somewhere that's dangerous.
It's definitely missing now and I hope it comes back.