While I'm not fond of level-based systems, I don't think I would like to trade it for having my gear define my character. I'd much rather see something that defines characters by skills. Something sort of like how in Lineage2 you used your SP to buy class skills, except have it so that there is a limited number of points to distribute (in other words, you can't buy everything within a job/skillclass, you have to pick your niche).