I had written quite an extensive reply, then hit my Escape button out of habit, and deleted everything that I wrote.
So, I'll make this quick.
What Tipa said about guilds and exclusivity is something I could not have said any better, even if I wanted to. In some major mmorpgs, not being in a "good guild," would prevent you from ever seeing the light of day when it came to end-game content. If Wizard101 ever added end-game content which required people to group, it could potentially prevent people from fully enjoying the game, if they needed to apply for, or join "good guilds."
Party system for knowing when someone got pulled into battle seems a bit of an overkill, if you know what I mean. There could be a "flag" that people could put up. Players could search for people that are looking for groups, and for what they needed groups for. Then, a simple message could be issued to those that people would want to invite.
AH, I would definately have to disagree with. All an AH basically does is, while providing players with virtually any item in existence, is inflate and deflate existing item costs. Perhaps something similiar to an AH could be done, like a TH, a "Trade House," with SET item costs. There all items could be sold or bought, including school specific drops from any world and treasure cards, at original price that stores would sell them for. Also, SELLING those items would allow full resale value, since it would be sold to another player, not back to the store. Either way, no profit would be made from the "TH" by buying store bought items and selling them in the "TH." Get rich quick schemes would not work.
Allowing pets and rare pets to be sold would also allow a player to really get into the act of outfitting their character, and customizing their appearance. And people not knowing what they should do with their accumulated money after they hit Master status would have something to spend it on.