Here is a setting idea I had a few years ago. I DMed about 2 sessions of the story in early 2008, right before 4e dropped. I never converted the setting (not that there is much to convert), and I don't think I'll use it again. The stories it has to tell are all longer than the games I have been playing lately.
Elevator Pitch: The world is in disarray because a new god has been born, who has yet to mature and find a way to control its desires and fit into the pantheon. The heroes must contend with a radically changing world as existing powers vie for control of the new deity and basic assumptions about the world are turned on their heads. Time passes oddly, plants and animals are relocated or combined, elemental forces are introduced into the mortal world, and anything is possible during a time of new beginnings.
Long Version: I envisioned the main villain of the story being a wizard (natch) who had imprisoned this infant god and was trying to steal its divine power before it matured. The PCs would begin their careers normally enough by investigating bandits and the like, but as time went on they would encounter more and more of these abnormal occurrences which would lead them to the infant god and a confrontation with the wizard.
I had read Beowulf around the time I was making this setting, and I wanted to play up a few elements from the book: bragging, treasure-giving as a method of creating loyalty (Beowulf, ring-giver), and family obligations. I'm not sure if that last one was actually present in Beowulf, but it was on my mind. I wanted players to get into their genealogy a little, know that their characters should respect such and such a person because he was so and so's cousin. I'm not sure how much fun that would be at the table, but I am intrigued by those relationships whenever they come up in fantasy stories.
There were no large kingdoms in this world. City-states control small areas of land, but there are vast swaths of unregulated territory. Even if someone claims it, unless the land is close to a large settlement the law enforcement is lax at best.