I'd rather get new gear regularly than go back to FFXI's system where you'd get a new piece of gear twice per year if you were lucky. Rest of the time you were grinding for absolutely nothing just because you needed to keep your attendance up. A level 20 gear being BiS at 75 isn't proof that FFXI's system was good, quite the contrary.
FFXIV has problems, but getting new gear regularly certainly isn't it.
