I don't disagree with you, but to be fair to Anet, if this were any other MMO, we wouldn't even see an expansion till next year, with not much additional content in-between. The tradeoff is that instead of getting big permanent content, we're constantly getting content. The whole system has been fairly experimental so far, with Anet constantly stating that the living world is merely "ramping up".
Now, the problem is exactly that: It's been experimental. Some things have worked, others haven't. Quite frankly, I'm not even sure what a lot of their ideas are surrounding the living world. I think part of the problem is that we're literally trained to wait for expansions and the massive world changing events they bring. We want these small updates to mirror that, when it's simply impossible. But that's not the fault of the people playing the game, that's just the nature of trying something really weird and experimental and not having a really clear, user-centric goal behind it.
I think it's pretty obvious that they want to make money off of the gem store, and constant updates pimp out the store and make people "grab things while they can", hence everything being non-permanent. But this isn't a bad thing, since we have gotten a lot of post-release support that you wouldn't have in any other game.
Frankly, I'm of two minds about the whole thing. On one hand I'm absolutely captivated by the premise, but confused by some of the execution. The story surrounding the living world has been totally disappointing, but some of the content has been great. Other things, like grinding to get a lot of the new weapons, feels counter-intuitive to their original goals. In fact, it feels as though the living world was not a concept they had while originally launching the game, since so much of it seems so disconnected from the original content. But a lot of it is perspective, since it is a pretty radical new concept, and I'm not sure we know how to view it yet. But it's Anet job to define that, and I'm nooooot entirely sure they've done the best job of doing that either, since even they seem a tad all over the place about what they want to do.
Either way, it's an interesting experiment, and one that I want to follow. For the record, I haven't spent a single cent on the game past the original amount I played. If Anet's plan is to get money out of me, they certainly haven't been forceful about it, so I don't get any weird money-grubbing feeling out of any of this. That may change if I start playing the game more (or if they released a 3 pack for the mining tools). I definitely got more content than my 60 bucks was worth, so I can't complain heavily. But yeah, I guess we'll just have to see where the living story goes.