My gripes with the cap level game comes from the min-maxing being the only reason to play. In that sense I feel that the famed "End Game" is really a depiction of the Hecker's Nightmare: Shitty game design that the designers are paying the players to play. By game design it's mandatory to switch from lv264 gear to lv277 gear as much as it is to aim for a Royal flush instead of a mere color in Poker. The difference is even bigger at lower gear levels, so the game 'rewards' the player who has the butt to sit at her/his computer night in, night out doing the same encounters to receive either that upgrade as a loot or that last emblem needed to purchase that reward.
The sad part is the fact that the great storylines really stop when you hit the cap. Only to be replaced with the senseless revisitations to the heroics and later on the Icecrown Citadel with it's priced final confrontation with the Lich King. As the progression route, where the story could have been made to flow through, is broken and forgotten, there is not much for a story and lore to be of interest.
It comes down to why you play. Do you play to win the game and min-max as the designers suppose you to do, or do you play for the stories and lore the levelling game is so full of?
Either way, you play as you find the game to be fun. I don't find min-maxing without a storyline fun. Perhaps this means that the end game in any MMO is dead for me then?
"All work, no play, makes Jack a dull boy..."