Cute thread.
I wouldn't mind a glorified Battletime with a main campaigner and other players as re-nameable companions. Companion characters would be able to see the overworld screen and sort their gear and skills during this time. In towns/villages, they can roam around as the player does and interact with NPCs, spend their gold and fight in the arena (co-op tournaments would be brilliant). Gold is probably earned in accordance with companion level and kills in battle, companions could also command a portion of party troops, as sergeants for the player. This way, immersion is never broken which is pretty important for the campaign imho.
I can't speak for everyone else but I know I'd be miffed if I was roaming around, doing my own thing then was forced to stop and watch/participate in/teleport to a skirmish before moving on; it would be jarring experience. At least when you're all in a single party, there's a sense of true continuity (and the retained ability to speed up time).
At this point, I think I'd take anything though.
