A while ago Ghostcrawler commented that "WoW is a game about upgrading your stuff."
If that's the case then Guild Wars is a game about customizing your stuff.
Max armor is max armor... any max-level bow or dagger hits just as hard as any other. The "upgrades" come through unlocking different modifications (
some examples) which allow you to be more flexible and create effective combos, NOT from raw numbers increases. And of course there are tons of cosmetic sets to chase as well.
It's an awesome system because 1) it creates real choice, and 2) it allows you to stop playing for a while without falling behind.
That's GW1... the philosophy may be completely different in GW2. Just wanted to throw this out there because I sense a lot of "how does the gear power-creep treadmill work?" thinking in these threads, and personally I think & hope that the gear power-creep treadmill will not exist.