Well I would strongly, STRONGLY (hmmm do I need another "strongly"? ) recommend creating all content from scratch, and I think any content-creation tools that wind up being developed should be built to make that process as easy as possible. I'm more (if not totally) engineer than artist, so I don't plan on creating any content, but maybe tools to make that possible (unless I take my professor's offer and join the PhD program, which would suck all my free time down a black hole--and yes I do work full-time too).
Textures: should be a snap. I see no reason why anyone should use textures already in the game. One thing to point out is that we need to figure out how texture coordinates work in the WLD files and how they are attached to 3D meshes (in fact this is almost the only thing that needs figuring out).
World geometry: here's my idea. Create a 3D tool that, in addition to importing from, for example, a standard AutoCAD DXF file, takes SCRIPTS for 3D objects. That way we could build a freely-distributable library of CONFIGURABLE objects that anyone can use (for example, a staircase script that automatically calculates the number of steps it needs). Scripts that take parameters, allow variables, can call other scripts, etc. In short order a library could be built that would allow really complex zones, at least above-ground.
Items, loot, and npc types: think of your books, tabletop RPGs, comics, you name it. There are countless possibilities to draw from. Of course you can't use copyrighted names or info, but that really isn't my point anyway; just use your imagination. a Freely-distributable library of creature textures and models would really help with regard to npc types, but I don't think it's strictly necessary (you just can't distribute anything that's the IP of SOE). However, I think our goal should be completely "virgin" content that no one owns. If you've played games like D&D, coming up with ideas for content should be a snap, especially if you've ever DMed your own adventure. For myself, frankly, I'm sick to death of SOE content; if I ever run a server for my friends hopefully there will be none of it.
Quests: put the EQ box down and step away from the computer

Now go and get your storyeller hat and firmly put it on. Remind yourself: this is NOT Norrath. It's not Nehwon, nor is it Ansalon, Oerth, or Midkemia, but they are all fertile ground for your imagination. Create your NPC personas, their histories, and their objectives. Create YOUR WORLD. No, I don't expect everyone to create an entire world from scratch. That's why I propose modular content.
Okay, that's enough for now. Time to make some ZIP files and upload them...
Next?
Windcatcher