I wouldn't exactly call people like a BLM in Bonewicca pants using a 350 weapon and various other 360 pieces "godly geared". I go on SMN most of the time and even I only have two pieces of 370 gear on it, everything else is 360 and below.
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I don't know, then. But I know the last 5-6 times I got the Dragon (all of my Experts have been The Burn save one), it always lasts past the dive-bomb phase, clear into the "chain-cast Rime Wreath" phase.
DPS' health ranges from 43k to 47k in most instances. I saw a 49k on a brd once.
Today was the first time that any group I've been in managed to beat it with no wipes, and while it went down slightly faster, it still lasted past the deep fog phase.
See, the battle content IS for them because the MSQ is the one piece of the game everyone is required to do as there is not just battle content locked behind progressing in it. You want to craft and gather for new areas? You need to do MSQ. You want a house in the new areas? You need to do MSQ. You want new Triple Triad cards? MSQ. You like to collect music and minions? Some are quest rewards in MSQ.
MSQ dungeons like The Burn need to keep in mind the experience and skill levels of all players because those players can't enjoy the game in their chosen manner without it. And if they can't enjoy the game, then why stay?
I mean technically crafters and gatherers with no interest in battle content could just ignore everything MSQ-related from 4.1 until 4.55 and then burn through it in higher iL gear for the expansion, since no crafting and gathering content is locked behind the story after 4.0.
And how long would that take them when the expansion drops? In the meantime, they're falling behind in leveling their gatherers and crafters into the next tier. It would be an incredibly bad business decision on SE's part for their solution to be "Sorry, you'll just have to play catch up at the beginning of each expansion because the regular players think the MSQ isn't challenging enough for them while you struggle to get through it."
Or people who don't think the MSQ is challenging enough can suck it up and deal and find their challenge in the myriad amount of optional content in the game. I certainly don't go looking for my challenge in the MSQ. I look for it in optional dungeons, EX trials, and 8-man and 24-man raids.