my expectations are pretty high because we're taking so long my guess is we get a LOT of stuff.. so:

-atleast 10 new creatures (both enemies and just animals);
-maybe 5 new armor sets;
-2 or 3 new progression "levels" with new materials;
-would love 2 or 3 new weapons (new swords, new shields etc..., a great sword has been confirmed);
-would be awesome a two handed battle axe;
-dual wielding even though they said in an AMA that if they introduce the concept would be with a type of weapon that is dual wield (like in V rising);
-atleast 2 new upgrades on weapons with new arrow types;
-utility tools or new upgrades;
-new building pieces of course;
-they hinted round building pieces;
-new boat types;
-new recipes;
-new decorations (but not a priority imo);
-new cart maybe? that would be awesome;
-new fish types;
-they showed us new traps;
-combat improvements and balancing;
-a new biome boss and a couple of world mini bosses;
-revamp of existing world buildings (for more immersion);
-new farmable seeds;
-maybe a new npc, like a different merchant than what we already have;
-new merchant's goods tradable with gold coins;
-new mounts, they teased maybe a flying mount (the giant bug fly teaser that if i'm not mistaken they hinted that could be friendly idk);
-with new biome comes new dungeons (maybe a more difficult one considering that would be an endgame biome);
-new nordic mythology eastereggs;
-perhaps new hints on the lore of the world tree of the map;
-improvements on terraforming (maybe?);
-new water flow system (maybe? but unlikely);
-improvements on UI (hopefuly);
-a dedicated slots for equipments (hopefuly but very unlikely);

This is a couple of points that comes in mind... I'M SUPER MEGA HYPED!!! DEVS, THE EXPECTATION IS THROUGH THE ROOF!!! DON'T MISS THE OPPORTUNITY TO SHOW US THAT THE SLOW DEVELOPMENT IS JUSTIFIED WITH A MEGA HYPED CONTENT WE'RE WAITING FOR MORE THAN A YEAR!!!