Doug McCrae said:
World of Warcraft is very much a 'points of light' setting too. Step outside town and it's pretty much wall-to-wall monsters.
I agree, actually. Who knew that WoW replicates that old school, D&D 1e feel better than D&D 3e?
I really like the assumed setting being "Points of light ..." It makes the peril seem greater and the efforts of the adventurers that much more amazing. And I don't believe "points of light" applies only to the Heroic levels of 4e. I believe this theme will carried over to all levels of plays, so that even at epic levels the PCs learn that our little world exists in a pocket of normal space that's surrounded by truly horrifying, Lovecraftian nightmares.
To those people who believe that the "points of light" setting won't allow for city-based or intrigue-heavy adventurers, take a step back! In a "points of light" setting, there are most definitely cities, but they are ruled by cruel dictators, debauched nobles, alien demigods, greedy merchant councils, and so on. Conversely, poverty and squalor reign in the poorest districts, and thieves' guilds rule from the shadows. The city watch, in the pocket of ruling classes or organized crime, turns a blind eye to commoners seeking help from the monsters stalking shadowed alleyways and dank sewers. Ancient, forgotten crypts and the remains of previous cities lie beneath, tantalizing would-be explorers with stories of wealth and eldritch treasures. Only adventurers possess the requisite drive and guile to navigate such a treacherous "urban dungeon." Incidentally, this *is* very much like the City State of the Invincible Overlord.
Having said all this, I am aware that such adventures are possible in any edition of D&D, but I feel that 4e's major contribution will explicitly make this sort of play the default. Although I'm pretty sure players who don't like it will be able to simply ignore it.
As far as FR in 4e goes, it wouldn't surprise me if WotC advances the timeline by some number of years and does a big upheaval with the setting. Things like necromantic plagues, hordes of vicious humanoids, fiendish betrayals, and other evils that plunge the Realms into a dark age. It would be like the Time of Troubles, but this time the bad guys win. Most of the heroes of the setting (Elminster, Alustriel, etc.) will be gone (killed, imprisoned, diminished, etc.). At the very least, civilization will suffer some big setbacks, and the adventurers will spend much of their campaigns rediscovering lost treasures from the previous age.