I'd love to see some sort of seasons system implemented. Above ground water freezes on top, grass turns white, maybe even some snow or snow balls or snowmen or something in the winter. Spring could have faster-than-normal plant growth, summer is just normal like what it is now, autumn trees change color, grass changes to many shades of green...
I dunno I think it'd be neat. I don't like the Cthulu thing though, it doesn't at all match the Terraria feeling. It's like having a circle in Minecraft.