I really think the building/collecting system needs to be revamped entirely. Right now the challenge is based in making items take a long time to collect, or making them require a large number of those items. While that's definitely a large part of adding challenge to the game, making building and collecting more visceral and context based would definitely add to gameplay.
For instance, rather than hitting a tree repeatedly to collect relatively endless supplies of wood, of which a large number is required even for small structures, make the process of collecting and refining those items into a usable state require time and effort.
As of the new update you can not get unlimited wood from a single tree anymore. Thank God.