I was all set to start bashing it, but this does actually sound like a sensible implementation. Should be interesting to see how well the actual game ends up working, but for now I'm cautiously optimistic. I'm sure that I'll be significantly less optimistic after a thousand plots of land with FUCK spelled out in big letters.
I do have a serious question though: For how long is your claim staked? Unless Everquest Next takes over your computer and chains the user to the chair, players will drift away over time. If there isn't some sort of automatic reclamation in place, eventually you'll have a continent with 10,000 claims, only a tenth of which are actually in use. I think the biggest threat to this game is it feeling like a ghost town after a month or two due to players moving on to other games in too short of order.