Oh yes! Open world pvp please. The excitement, the thrill, the adrenaline. DAOC was the only game to have faction based pvp that was somewhat done right... but then sb came out and I was hooked. I've never been the same since in my pvp endeavors!
You see... with land control or spawn control (with pvp threat only), you create a world of true politics. I can attest that politics that happened in sb world, happen in the real world right now. It's an amazing dynamic that you cannot find in safer pvp or pve games. There is no way to explain it without living it. Really there is no way.
Griefers? No problem, they become cannon fodder for everyone because usually a guild that contains a griefer get tired of pulling them out of trouble. Or the griefer himself becomes tired of being kos himself. I can remember many a day our Scouts would cry, "Swoop is in EB! Swoop is in EB!" We send a hunting party out to find Swoop, because Swoop loved ganking our lowbies. I don't remember at threat of Swoop more than a couple of weeks honestly.
pvp with nothing to truly lose or gain sucks. Having added bonuses to a faction is nonsense...No one notices those bonuses. Not really. PVE'ers keep PVEing regardless of bonuses. Fighting to own a dungeon, or a rare spawn, or city you designed and built? Now that's the stuff. Killing your guild member just prior to booting him from the guild for spying or stealing? That's awesome satisfaction.