Yeah I have been saying for a long time that they will be holding content back until the battle system is finalised and released. There would not be any point in adding it as it would have to all be readjusted for the new battle system therefore creating even more work.

Hopefully when the battle system is in and they have finished monitoring it and tweaking it to make sure everything is fine and balanced then the content should start coming at a rapid rate. Lets not forget while it is a large Dev team, they are spilt into smaller teams that work on different things. The battle team has a huge task that is why it is taking so long, but during that time the other teams have been working on their bit's too so they should have a lot of stuff ready to go as well. Maybe one team is working on the rumoured Region redesigns, another on new enemies, another on the wards and possible AH, another on new gear and equipment, another on mounts, Companies and other content and so on.

You can see there is a lot to do and they have teams working on all of it but a lot of stuff is tied to the battle system so that needs to come first.

On the other hand I could be completely wrong but then I really do doubt they have been sat doing nothing all this time. Still admit I would like to have some more info on what they are working on or what is in testing though.