I get a definite sense of power progression from going up in gear grades (masterwork -> rare, rare -> exotic), as even when I'm downleveled, I still notice I'm killing things a lot faster than I used to at that same level.
This is my experience too. While it's fun to be massively over levelled in a RPG and just kill an entire town, it also takes away the sense of dread. I noticed that it's difficult for me to chat in GW2 - It's because im constantly participating and using my own skill.
Last night in Brisban, a camp was taken over by Bandits, but it was not an event so they kept respawning. As a lvl 41, I was still downscaled but thanks to my exotic weapon, my elite, and the upgrades on my weapons I feel confident that I killed a lot faster. It was immensely more satisfying and fun than the combat in any MMO I've played before, because the majority of the win came from me, and not from an exchange of stats with me as a passive chatting participant.
I freaking adore this game. I don't care what I do, as long as the game gives me a reason to kill stuff with other players. That is all these games end games are.
Also, I would like to point out that plenty of MMOs have had an mentality were you would hit a cap, drop subscription until new content/expansion and then resub. I believe that millions of players are doing that.
I also believe that the fabled alternative, is not better. I get the sense that a lot of people who do the raid game of WoW, while addicted to it, also hates it.
You should only play it as long as it's fun. Forever fun can't exist and never have. If you had fun playing, then nothing is wasted. It's a strange attitude to me, to become dissapointed that it would not be fun after it was excerted. I believe you get a lot of really fun game for your money when you buy GW2 contra other games. They always said they didn't want a carrot on a stick.
And finally there is plenty of end game. It's fine if you don't think it's worth it, or if it's not motivating you. It shouldn't have to with carrot-on-a-stick-uber-items. You should just play it because you wanna log in and kill stuff with your friends. If you don't want to do that after getting to 80, then that's fine. You've had your fill. But that is not the same thing as saying as there weren't a cake. There is plenty of cake. Lots of people will hopefully enjoy getting all the achievements, 100% ing zones, learning all the crafting recipes, making a name for themselves in WvW, mastering sPvP, crafting legendary weapons, playing different characters with different stories, races, factions and classes.
Lord of the Rings Online was a game that just came to a halt. I believe the community was overall nicer for being a smaller, but also because it was not as tedious and drawn out. The cool thing about the cosmetic carrot-on-a-stick items of guild wars is that they are optional. they wont make you owned in PvP like they would in games like WoW. you got plenty of options with 250+ three layered dyes and transmutations to make yourself a great looking character if you dont feel like doing that stuff. But there is stuff for you to do, if you want to.
GW2 is being faithful to how Guild Wars 1 did its end game, but it's just expanded exponentionally. It's not going to satisfy you if you want World of Warcraft. It's not a seperate pass time to have it's raids. But bloody hell, this game kicks my balls every time I log in. Every freaking time. I feel a sense of place in this game, i've not felt since Planetside and BF1942. Perhaps the early days of Left 4 Dead. As far as an online games It's wonderful. I really look at it as an online game, because I am so bored and unimpressed about what MMOs have become. I don't even think GW2 is the direction other MMOs need to go in. MMOs needs to get back into sandboxing, SWG style and do what normal games cant. Get out of the cohesive, singular streamlined linear progression and storytelling.
GW2 like GW1 stands on its sidelines, still saying fuck you to dungeons and dragons and board games and dice rolling. It don't want the gear dependency, the treadmill of other MMOs. It doesn't care, and I am glad. I'm glad, because GW2 for both better and worse does not need to do what those other games are doing. WoW is still a great game, and its out there as strong as ever if you want more of that.