There's a reason timesinks have a negative meaning attached.

Sitting around waiting for the Valkurm Emperor wasn't work. It was waiting around like a dingbat, when you could have been doing something else. Once he actually spawns and you get the pull, he isn't even that hard to kill. Why people think that non-boss NMs in FFXI are hard is beyond me...

A better way of introducing meaningful content would be to create quest lines where you have to solve some difficult puzzle(maybe as a party or a community), or defeat several challenging enemies within a set time limit as well as other limits like no magic or something, or maybe just a boss rush dungeon to finally reach a chest or have a chance to lot for some rare gear. The reward should be in a challenging fight coupled with a cool piece 'o loot, and maybe some storyline or something.