I like that despite (mainly armored) combat feeling slower and clunkier than it used to, the changes of core mechanics for which I otherwise have some ambivalence has brought about a melee system where held attacks, timings, footwork and longer duels take precedence over crazy lolfeinting (and this is from someone who used to rely a lot on feinting), dragged attacks and animation and hitbox abuse. Improved glancing also makes for much more realistic close quarter fights in armor, even if it in a sense makes the game feel less responsive than what we were used to. Compared to before battles tend to focus more on ganking now than personal skill though and regrettably this does not always come with the added fun factor of team work - but it often does.
The selection of exciting, community-made historical armaments (not counting fantasy lolhammer, disfigured 2h cleaver and all the fantasy leather armors) is great, still remember when there was yet only native stuff, stats seems to have reached a good balance with both pros and cons for armor crutching, same for character builds (despite leaning slightly towards STR), which adds good possibilities for various individual foci. And even if high level ranged kill the average medium armor guy in 2 shots like almost all other classes do it's still entirely possible to play shieldless infantry. Class balance is achieved, otherwise learn to play.
The character page looks great and is far from the black and white spreadsheet it once was, and beyond aesthetics there's so much more there now, and Strat has grown from humble beginnings to really impressive heights.
The community is generally a good bunch of people (the ever-occuring circle wank and popularity contests between hormonal young boys aside) with a nice core of pretty mature people with usually sensible opinions (even the occasional humanism in the off-topic), marred though by the extreme lobbyism that many regrettably pursue here.
cRPG moderators also do a good job allowing for much freer discussion fora than in most game communities, and the average skill level has also risen to a good standard, with more interesting fights than ever.
Add to that the numerous nice things like the expansive WSE and the many new options it brings and will bring apparently, and invaluable fixes such as ground wep collision and corpse dam soak and finally a speed reduction of great swords allowing for the first time in WB history for medium tier 2handers to come more into their right, and the biggest swords to be more specialized support stabbers as they were historically. And +1 for voice command system, the voices continues to be hilarious.
And though I truly hate the grind elements, never played a game with grind except for this, I like the concept of heirlooms (which adds a feeling of 'belonging' to an item) and upkeep (adding the factor of wealth, something else you can earn besides xp and to a degree balancing people's equipment choices). But though the low-level server is good fun and a good idea I wish levels 25-30 wouldn't take so long; the idea of competing on unequal footing is just a nuisance.
Now just remove free WPF (0 WM builds are completely viable currently), adjust the turn rate nerf, bring back a limited number of ladders in siege (because they are fun and dynamic only they were were overused and unbalanced the maps), harder and more complex lancing and a few other things.