I'm late to the discussion, but oh well.
Snark aside, I find the OP to be right on pretty much all counts. As others have noted there has been a decline since 2.0 in the abundance of content and more importantly the types of content. While people are being hyperbolic in saying there's no new content, I think what them (and definitely what I would argue) are arguing is that there is no new types of content. It's more and more of the same. This was a big debate that spawned back in HW shortly after release, and lead to me and most people I know quitting for almost the entirety of the 3.X series.
People keep bringing up WoW, but I think the more apt comparison would be FFXI. Two of their expansions really highlight my point, ToAU and WoTG. Each added new systems to the game. ToAU was themed around the mercenary life and added in assault and besieged to reflect this. Each were unique forms of content unlike the previous patches/expansions of the game. They still added in BCNM fights and HNMs as people expected, but there was something new to try. And this only continued as they added patches.
WoTG was themed around war and had the campaign system introduced. Where the new zones were controlled by the beastmen or allied forces. Each zone had a fort to attack or defend to gain control of the area. There were daily and weekly things to do more casually too. You could do something akin to guildleves for crafting, gathering, and other miscellaneous things. In general the feel of content was new and based around the idea of the war and the war effort, directly or indirectly.
The point I am driving at is, HW and SB bring nothing truly new to the game, its more of the same. And these patches and the complaints people bring up reflect this. All the while FFXI, a game developed by the exact same company, pumped out new types of content and developed new systems for their expansions/patch series. Even if they didn't always succeed, it at least felt fresh and they tried something truly new. Rather than that we get the same linear and gated dungeons, the same FATEs, the same scripted trial/"raid" fights. Its no wonder people are complaining, you can only repackage the same content with a new coat of paint before most people get the wiser. And that's something that's going to continually be reflected more and more with the retention issues this game has.


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