I mean threat as in danger. You can go anywhere at any level with little to no danger at all. You can just run thru with sprint. Where are the areas you need to use skill and cunning to sneak around mobs and avoid agro? You want danger in pve, should have played v1 or xi. There is your danger in something.

And as for the gear... it has nothing to do with feeling special. Think about it, would you want to go to work and bust your butt for 40 hrs a week and get the same paycheck as the person who works maybe 10?