I think that modified objects should have the option to always have the same properties. For example, if i wanted to modificate a knife, i cant cut its blade without making it unsharp. Of course, i can set it as sharp again, but you can't do this with some objects.
There should be a multiplayer side. Every player in the game rolls and gets a char, buy their food and equip up from all their (unlockable) gear. That would be awesome :D!
I have a dark bat, a swordman with a sword on fire, a magician with the power to control ice and fire, a soldier with a tank, and an archer with fire arrows, and you're telling me i need a tiny axe to cut off a three feet tall bush?
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