Ability to create a private house to show how cool you are.

Everybody knows that having lots of money and items make you cool, but the only way for people to know you are cool is to stand in a town and informing everybody of your cool level. My suggestion is to allow a person to build their own private house where they can invite people to so they can have parties and show off how rich they are. There would be different levels of houses, each house would require a certain number of crafting materials to build along with money to pay all of the illegal workers to build your house. You could also add furniture and trophies of your exploits to your house.

Thoughts, comments, threats on my life?

you need to play fable. of course, fable isn't a MMORPG.

i think this would be WAY too much for guild wars. they are going to be offering customizations for guild halls at some point. that should be good enough. it's not that hard to buy your own hall, invite people over (they just added guild guest option).

any more would just be out of the scheme of the game, i think.

you might want to pick up a copy of the Sims

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While I think that it would be cool and a great gold sink, it's not really in the scope of GW.