If it has to be in the Forgotten Realms, somewhere not on the Sword Coast. That's where all the games I've played have taken place. I just saw a map yesterday of Faerûn, there's so much of it.
If it can be anywhere, Eberron. Yes, DDO is still going strong, but I would love a single-player(ish) game to go through part of Eberron with. MMO servers don't last forever.
I've been reading the Brimstone Angels series of books and it's really made me want a Nine Hells setting. There are so many plans, plots, and treacheries that I think navigating the whole thing would be awesome. The way devils twist words would mean that your character's dialogue choices could have drastic consequences if you pick carelessly. There's still enough violence that you can have fights but you can also play the cunning character and outwit your foes.
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If it can be anywhere, Eberron. Yes, DDO is still going strong, but I would love a single-player(ish) game to go through part of Eberron with. MMO servers don't last forever.