i would say obsidian armour, no obsidian sword or anything, thats just too overkill, i'd say the obsidian armour slows you down significantly but provides almost 100% protection.
i would prefer items that dont over-power diamond gear, because thats what its job is, but i would say if there is anything better than the diamond gear, it should have some drawbacks to it, (obsidian axe -10% chance of creating 2 wooden planks instead of a log, obsidian sword - character has a delayed swing. meaning it cant keep up with the time it takes for the player to be able to take another hit again.)
would be cool for a tool to be able to break bedrock, but causes a divid-by-zero affect, causing a massive explotion which can almost destroy diamond gear completely, would make a cool suicide weapon
maybe some free-running animations, like when you jump for a ledge but miss, you grap onto the ledge, and try to climb up.
Stanima bar? (it would be cool to have a 4th status bar(hunger,health and armour)
like it limits you to 10 seconds of running, but there are foods and potions that increase that.)
ok ill stop typing for now DX