Well in my experience the things that make things more fun are lots of challenging wars and lots of diplomatic upheaval. Personally I've always believed that the best way to do that is to have lots of small realms. So that's where my line of thinking is coming from.
That used to be how I thought, until small realms became the norm and small realms started getting really, really small. Then it got kind of lonely, with no one to talk to, and most elections resulting in zero competition.
Noble-wise, Arcaea isn't all that big for standards of just a couple of years back.