No one is being "ripped off" here, value is subjective to the beholder. If you feel it's not worth your money - stop paying. Those that feel it's good value will continue to pay.
I'm not sure why this is even a discussion.
One thing I'm sure we can all agree on - is that there is no more substantial content coming our way and this is a very real case of "the beginning of the end."
The only thing I find sad is that MMOs that are just as old (EQ, EQ2) are still getting expansions and arguably have a similar sized player base to that of FFXI - while I know the whole "dev kit" argument is a fair one to a degree; it's ultimately still a cop out. If SE wanted to continue developing for this game, they would.
They don't - and have said explicitly, this is a cost-saving exercise. They explicitly stated they no longer wish to focus on bringing in new players; but reducing costs. Bean counters are behind this. It's simple, and sad.
A reduction in subscription fee is not going to happen, unless it leads to an increase in revenue. It won't. Simple economics.