here's the thing, narrative is the content, and it happens once, new dungeons and raids are not content, they are playgrounds to kill time in. You gain no new content by running them over and over again.

Once every few months there is a content patch, with a small amount of quests and story, and every two years you get an expansion. We're all here, waiting for the story to continue, if we get a dozen hours of cutscenes once every couple years, I'd say it's worth it.

Also, keep pvp where it belongs, as an odd "sport" that has no relevance to the game. PVP has destroyed more MMOs than it has ever benefitted.