Just going to discuss a few points:
Dynamic Events by themselves really lack the immersion, background, and lore bits you get from traditional questing. Most of the time people don't know WHY they are doing what they are doing. Why are we defending that village? Why do we have to guard that caravan going to that village? Since most of these events just pop up, you just do them and move on.
The down leveling system is great if you want to help a newbie friend or something, but it sucks for almost everything else. You want to farm mats for your new profession? Yea that level 5 spider next to that node is going to go toe to toe with you even though you're max level. That never feels right. It makes you feel the opposite of powerful which is what you're supposed to be at max level.
That takes me straight to my other point. Gear grinding is the wheels that keep MMOs going. When the rewards are just cosmetic the game loses a lot of its appeal for a lot of players. SOME will like that style sure, but gear grinding and progression is the reason WoW still has millions of players after 8 years.
Even with that the game is still fun and I enjoy login in once in a while but from what it was hyped up to be by overzealous fanboys to what we actually got, not even close.