This has probably already been thought of and discussed 928139128times before

But
I want to be able to create something out of any mined/chopped/dug material..
like a Diamond Bowl, Wooden Bowl, Golden Bowl, Ruby Bowl, etc..
And you know the MMORPG Horizons - Empire of Istaria, in there you will be able to make about 6million different Sword variations

Using different shaders, textures, particle effects, shapes, materials, etc.. now that would be great in PS!

And be able to design your own weapon/item shapes!

Like, draw a blueprint or something and then smith it

Ever played Second Life? Maybe have a limited creation thingy like that ^^;
Glowing Great Sword of Ice +2 ^^
Of course the rarer and more difficult to work the material is, the more expensive the product

Will there be other fantasy materials, such as Mithril, Adamantium?
in a 1-10 on the Mohs Hardness scale, Mithril would probably get a 20 ^^
And the Ruby is a 9, while an Emerald is 7,5-8
so a Ruby should be worth more than an Emerald

Diamond is of course, 10