I hate the reasoning of "It's a story-based MMO, what did you expect?". This is an MMO which draws people for many different reasons. The story is only one part, and you don't have to enjoy it to play this game. I personally dislike the story, and have read just about none of it.
XI handles the expansions far better in my opinion. They never forced you to slog through the past expansions in full just to unlock whatever relevant new endgame item was being introduced in the newest expansion. You would have to complete some quests to unlock the newest endgame item, but it was never the full story-line (or past MSQ).