I don't hand out rep like candy but that is worth it.
You had mentioned the point about PvP and Molyneux killing his comrade in game. What if thats just part of the 'safety' system? Taking off safety gives your imported friend the opportunity to do everything you can do, which means being able to kill pretty much everything and anything, including you. It would make it more interesting during combat, especially if your friend who is in game with you is, for example, a level 60 and you are level 5, one wrong swing of his blade and he could insta-kill you.
What I thought would have been intriguing was the option for a split screen multi-player. As much I hate split screen it would be very cool to be able to venture round your friends world at your leisure and see how their villages and camps have progressed in comparison to your own- not to mention it would have opened a whole new way to do multi-tasked quests- one person fulfilling mandatory requirements at one end of the continent, the other at the other side of the world helping out.