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It seems many people are all about end game raiding these days.
So would you play a MMO that was all about raiding, and gear progression with no character progression?
You could still customize your character with talent trees or something.
If there was a game like this, I think there would be a ton more raid content than current games, since developers wouldn't have to make content for leveling.
Personally, I don't know if I'd play a game like this, because I like advancing my character through levels and abilities more than just getting new shiny pieces of gear. And I don't like raiding that much.