There is an option under UI that says something like "use round compass" and it toggles on/off. Will upload screen shot of how i have it. I'd love to see a bunch of other options/styles tho.
Agreed that chat needs a ton of help. Colors, channels, text options like size/bold?, Drag to mulitple text windows... ya know, all the stuff that has become somewhat basic for the mmo world these days.
MO1 also had an option for adding reserve levels and hunger/thirst bar next to your name.
And there should be transparency and scaling for every element independently.
I really hope after TC they spend a large chunk of time polishing the basics, adding quality of life things (broker! etc), and core elements of the game.