I agree that a certain risk factor is missing, getting killed isn't an issue anymore. Gear damage? hah! In no way am i worried about that.

In FFXI the mobs would also follow you alot more than they do now and one mob in itself for a party was a challenge. Well... back then they weren't labeled their level range. That was Even match, tough, very tough and the like. Some of you know.
I would wish the storyline was alot harder though, since that should be one of the most important things in the game. Surely start out easy, but heavily increase in difficulty.

And i agree on gear should make a difference. Right now i'm wearing what seems best with the stats it's got for my job, ofcourse. But i really don't notice much change, just trying to hit certain numbers in my attributes because well, "that's what you're supposed to" FFXI had very effective low level gear that made a difference, also low level events/instances/dungeon. Sphosae (however you spell it) and Toto-rak. You can just go hammer those things down as a 50. Abit iffy in my opinion.

And i'll take my chance to say it while i'm at it, i still really don't like the big beacon on NM's. Can i find it myself please?

Thumbs up to you