I like time limits. It definitely gives a sense of urgency and importance to what you're trying to do. I actually don't like it when games say that something dire is right about to happen but won't because I, as the center of the universe, haven't triggered it. "What's that? The super powerful alien race is about to engulf the universe? Ok, let me just go bring this ore across the galaxy because they pay the most for it."
I would like to see games that have events proceed with or without the player. Spent the past year killing every last mushroom in a dungeon? Well, the neighboring kingdom just defeated yours and your king is dead. Your family too. And your farm got razed (because, of course, you'd have to be a farmer-chosen one).