I really don't like that in the early game I find I am using my sovereign to pick up free loot all over the place.  Most of these goods should have an owner that will want to keep it.  I think this would help in making the world feel more dangerous and would also make things more fun as you will have more combat early in the game.  Not saying all locations need guardians but probably somewhere around 75% should in my opinion.  Basically I would like to see Elemental move more towards the MOM model and further away from the HOMM model.  I love HOMM but picking up a bunch of trash every turn can become boring.  In MOM each of the locations on the map was significant.  Many of these had great rewards but could also be very dangerous.  Elemental will never have the same feel because of the level system but it would be nice to at least have the encounters be more meaningful.