What you want is the FFXI endgame pre abyssea which was arguably the worst MMO endgame around.
You do realize that FFXI endgame excluded like 90% of the server population dont you?
Sure it was fun when you had an endgame linkshell but if you were on the other side of the fence you got completely screwed. All most people had to do for 6 years was limbus, dynamis, exp. Not to mention how HNM system for the longest time had nothing to do with skill but bots. This is why WOW has more players, content is about including everyone not about excluding people like FFXI was. That is why endgame player playtimes in XI were 6 years vs normal player few months.
Not to even mention that MMO players have tons of MMOs to chose from and they not going to stick around hoping to get in a endgame shell and than be in that shell for 6 months and than hope for an item to drop like e body that maybe dropped once a week under right conditions (no server maintenance etc etc).
Yes they should release content all the time that will get you gear that will outdate old gear. It's the only way to progress.
The trick is to make the content relevant and fun. It should be about journey to the level cap and content along the way that makes you improve. Not grind to the cap and than fighting it out for a piece of gear that you hope wont be outdated for 6 years and drops of 1 mob that 800 people camp.