Just a lil\' something to do besides fighting or bartering. Besides, ultima online have board games like chess that people can play... i think. I think Asheron\'s Call even has disco bars... how weird is that?
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More ideas... a moderator god-like figure. Most moderators come under the form of some guy/girl working behind a workstation. Instead of that, why not implement a virtual god-like creature that can teleport to the bad do-er and show his/her might.... a catchy phrase and instant death/warning/serverban/....
I like it. Instead of just moderators, game masters can take on this god-like persona too. This appearance can come under a gigantic monster in town, or a giant hand from the sky, and so on. Each town can have a god-like figure.
Of course, if this sounds too crazy, make guards.