The game is not terrible. I still enjoy it very much and is headed toward something even better.
However, one thing that hasn't changed are the terrible drops for the no-life hardcore players. It is annoying and irritating because it makes some rewards unaccessible for casual players. Ok, sure, I understand the idea of prestige behind it.
However, prestige shouldn't come with wasting your time winning the same thing over and over again. It should come with something more difficult, involving an very high amount of strategy.
For example, at first, I found the Iffrit fight very hard and fun. Then, I finally started winning. First blow: no reward whatsoever from the fight itself. Then, I started winning some more, the fight became less and less fun because it became more and more of a chore trying to get a drop. By the 10th win and no drop, Iffrit was not fun anymore because I knew there was 80% chance nothing would come down of it.
Right now, I have yet to get a win at the Moogle fight, the Moogle fight is still very exiting BUT since I know I will most likely NOT get any single item drop after my first win, it is like pouring a bucket of icy water: it kinda breaks my fun. I will try to win at least once, for the fun of winning the fight itself. But I doubt I'll try it more than 5 wins with the current terrible drops. I play to have fun, not get a second job.
I can put up with a little grind, having to gather a few totems/nuts for a weapon, it's ok (as a 100% drop for each member). It's an MMORPG, no spoon feeding otherwise there is no prestige (here, take this item for next to no effort -- like seasonal items, no prestige in them, but fun to have). But taking away my carrot as I am going to bite into it... NO.
Edit: I still do the lesser dungeons from time to time, like Toto-Rak, even though I have nothing to gain from them (got everything). (Well, now a few GC points from the items) I do it for the fun of it. The same will happen for Iffrit and Moogle, the content will not die.