Yes, sadly as others have said, this is the garbage progression that Yoshi P has chosen.

There were plenty of us that gave feedback and constructive answers during Alpha and Beta of 2.0 on NOT going with a pure Vertical Progression model, but it fell on deaf ears.

I sincerely hope the Dev Team changes this (or least strikes a BALANCE of having some decent, interesting Horizontal Progression and letting our gear be more relevant than just a few months, before it's overwritten again by the next patch).

It doesn't have to be as extreme as XI with years of relevancy (pure horizontal extreme), but it certainly doesn't have to be as silly as it is now (every few months, item Level increases, all previous gear worthless). There CAN be a balance.