Okay it seems most of us are for the king idea so next let's decide if we want any development of the world [i]Before[/i] we create the character or if we want to try and improvise while role-playing. Also do we want a low or high fantasy setting? If it's high with magic and different races and such we may have to do more world building before the story so things don't get to tangled off the bat.

Also I can see this being fun with either a person taking their turn as the ruler of the land as his parents have done before him or as a pauper or stranger suddenly in control of the kingdom.