Yep.
This is pretty much what drove me to quit FFXI. I realized, one day, that after 3 years of being 75, I was still doing the same content and found myself questioning new content as being worthwhile. I quit shortly after Salvage was released, because I realized that it was simply not worth my time to go there; the opportunity to develop my character was minimal and the effort was too great.
And I feel like I have to explain what you meant by Blizzard making core class changes, because that's a VERY good point to be made in favor of level cap raising.
When Blizzard obsoletes content with a new expansion pack, it makes it very easy to start every class and encounter with a blank slate. Since only an extreme minority will ever be going back to do the old content, they can change class skills and roles around at will and design the new content to fit around these new classes.
If they still had to keep this old content in mind, these balance changes would become almost impossible. It would mean that either the balance changes have to fit the old play styles/end game model, or that they'd have to go back and re-do all of the old content to fit the new class balance changes. It's the reason why you never see dramatic class changes until a new expansion is released.

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