Something more along the lines of the first SMT.
The shattering of normalcy and ensuing apocalypse I found enthralling.
The post-apocalyptic thing just doesn't do it for me. SMT2 I played just because I loved SMT1 so much.
Lovecraftian Gods (Cthulhu Mythos) would be pretty cool, but they aren't actual deities, whereas all SMT demons follow some actual god or myth. Plus I may crap myself if a hound of Tindalos manifests to eat my ass.
Due to religious reasons, I have a hard time getting onboard with the slaying of the almighty, or that he would be such a dick to deserve slaying in the first place. I'd imagine him, honestly and perhaps most surprisingly, as following the neutral path, seeing as how we were given free will and all.
I'd like (and I may get flamed out of the forum for this) an action RPG element to the game. Turn based games I only really play for the story, honestly.
Always been more of a Zelda and YS guys over FF.
Imagine showed an interesting attempt at pseudo-action-rpg, though I feel it's a bit clunky (as of the last time I played, over 2 years ago).
But looking at the "Elder Scrolls" series of games, I think an action RPG with a good story and intriguing characters that remains faithful to the original DDS/SMT legacy is entirely possible...
And honestly, who doesn't get ****ing annoyed at random battles after awhile? Any turn based RPG I play, I usually only play for the story, because random battles were, at the time of NES/SNES, a necessary evil.
As for plot, I think that being japanese games, traditional japanese mythology should be at least somewhat followed. Sub plots involving other belief systems (Celtic, Nordic, etc...) would be cool (aside from the part where you bitch slap god and he sticks his almighty **** in your pooper for all eternity with his last breath), though I agree Loki needs to take a break.