When they raise the level cap, the level 50 gear we have now will be useless. We won't see a level cap increase until the expansion hits sometime next year. There will be new gear in the expansion for use to obtain. The gear we have now, definitely won't upgrade with us.

Thus is the condition of current day MMORPGs. Don't get attached to your gear. It only fills a slot temporarily, no matter how good it is currently. With new content, comes new gear to chase.