For a general overview, I really like this. People and places are the focus of any role-playing game. I think special objects might have a place here too, but they're definitely not mandatory.
Although I appreciate a good location, as a GM, I try to make my challenges character based because they're mobile. Also, they can direct/lead the players to interesting locations. If you create a challenge based on a location, you run the risk of the players missing, or avoiding the location altogether.
To add more detail to this, I also like to craft adventures based on one, or more, of my player characters' backgrounds. This helps establish a motivation for the player to engage in an adventure.