After reading Climber's 5 Unique playstyles by making each individual tech tree viable thread, I got to thinking about the Adventuring branch of research, and how little we know about it and how it will work.
The first, and probably most important thing we don't know about is dungeons. Are they even still in the game? The original beta schedule called for dungeons to be implimented in Beta 3 (the one that would give us the 3d engine). The updated beta schedule makes no mention of dungeons at all. Are they a feature that got dropped? Or "quests" synonymous with "dungeons"?
Excluding dungeons, there is also confusion over what exactly a in-game civilization would look like if you chose to focus on adventuring. A civ, military, or magic based society is pretty standard, but what about adventure? Personally, I have two thoughts on what it would look like (and both can be possible without excluding the other).
The first is the "Going Gandalf" method talked about way back before the beta started. It's basically just your sovereign, maybe with a small party of other adventurers. No cities, no armies, no anything else. Despite the novelty, I don't think this would really limit you too much in terms of possible ways to win. If you level up your small party a lot, depending on final balance, you could probably still manage to acheive a conquest victory; you would still be able to ally with everyone for a diplomatic victory, and I would imagine you would proably have a leg up on everyone in attempting to complete the Master Quest. You might have a problem with the Spell of Mastery though, since you wouldn't have a ton of cities to perform research. Or, you could take "going Gandalf" to the next level, and do what he did; use his diplomacy to create an alliance of like-minded factions against the other faction/s, and let them fight it out, providing assistance as necissary.
The other path I could potentially see an adventure-oriented society go is more similar to a "traditional" civilization. You have cities, maybe less of them than normal, that are built and designed to attact Heros out of the wild. You focus on recruiting heros, and having them attempt the Master Quest.
So those are my ideas on how adventuring might work, what are yours?