The thing i really would love to see in the game is the map not being present from the start of the game.
Since the game is about survival, which means you could get lost while being chased by animals (i really think that would be fun).
When i'm playing the game most of the time i'm looking at the map instead of remembering the environment, which removes allot of the survival aspect.
Already posted my idea of the map system being craftable once but i'm not sure if people understood what i meant.
Maybe you should be able to craft ink and paper with which you could make a sketch of a chunk or area or something, then when you look at the map it will show your position but it would never show your position when you're inside of an undiscovered/unsketched area or something.
All those sketches could be added to a book (collection) which players carry with them and can exchange with one another.
Also night time should not spawn creatures every night, there maybe should be a bit more reason for them to lurk around your camp/house. (food being present or the smell of food being cooked).
Fire scares creatures in the wild, maybe wielding a torch could scare them.
I know the difficulty of programming such mechanics but then again they're just ideas.
A punishment for death could be advancing time ( in single player that is ), so your crops/food might get spoiled and your plans for the days go to waste.
Then again in multiplayer it wouldn't work.