There are a couple of ways to think about it.

1) Place close to a town. This way you are easily recall back and access all city services. You will be harassed more frequently and see more PvP the closer you are to a town. I would select a non-human/orc town since these are close to our island/aputan and easy to get to.

2) Place at opposite end of the world, in a nice place to support your play style... Good harvesting, good spawns. Place to help with treasure maps. The world just got 1/2 as large if done right.

3) Place near an enemy city. This way you and several friends can port in for instant and easy PvP against our foes. Take the battle to their door.

Those have been my thoughts. I would be leaning more towards #2, myself. Do what is going to bring you and your roommates (hint hint) the most game enjoyment.

Congrats.