I agree that the spammable content is a horrible MMO design. The content gets very boring way too quickly, which is why most (more successful MMO's) put timers on how often you can enter a dungeon. The drop rates don't have to be greatly improved, just improved enough to match the timers.

Problem is there's always going to be people complaining that they have to wait before doing the dungeon again. People want their gear asap but when everyone in the game gets it within the first few weeks they then start complaining about it.

For the end-game content they should really follow the model of some dungeons having 24-hour timers and the biggest raids with the best gear having a week long reset timer. Of course they need more content to make up for it, but even a lack of content isn't a reason for following a very bad model of spamming.