It's a simple question, and I invite you to think about it before answering.
If you were to start now is Final Fantasy 14 viable without even looking at end-game raiding content during it's current patch cycle?
In other words, if you started a new account today and started leveling from 1 on CNJ (for example) if you did not take part in any Savage or EX content from the 3.X patch cycle at all until 4.0 arrives, would FFXIV be a viable game?
The short version of my answer is this; yes, it's very much viable in my opinion. If you start ARR now and take your time playing a broad range of content there are many hundreds of hours of enjoyable play just to complete the MSQ and whatever else you do along the way, without ever touching End-game content.
That leaves me with another question, are you better off marketing the game based on the vast and sprawling world and story, or do you target traditional MMORPG players who want end-game to be good and care less about the rest of the game?
I'll post the TL;DR long version of my answer later.