Those who are worried about there being a limited reason to repeat content to get gear in end game and that their gear will become obsolete when they increase the level cap in FFXIV should keep these things in mind:

1. FFXI *DID* make gear obsolete (job AF) with a level cap increase. They also released a way to upgrade that gear later to make it relevant again, so who is to say they wont do that here too?

2. Even though you can't swap gear mid-battle it doesn't mean they can't release different sets of gear for different encounters. When describing the dungeons, they keep saying that it will require "specific strategies" to complete the objectives. Maybe that means you need a set of fire resistant gear to take on a certain boss for instance?

3. Most importantly, MATERIA! If they do release a new set of gear that is better than your current set, you can just turn your old gear into materia (which will have stats related to your own playstyle) to attach to your next set.

Bottom line, though, is that nobody knows what it will be like. Just because you can no longer gear swap shouldn't make you give up on the game when there is still great potential for gear selection strategy with materia and a variety of encounter types. Time will tell but don't lose hope just yet!