The issue with IP/Email guard is that people like me get stuffed far too frequently.

Most ISP's do not use Static IP's, instead using Dynamic IP's. This means (I am not 100% tech savvy on IP stuff so apologies if not spot on) each time you reboot PC and/or Router your assigned a new IP address, and as such the game assumes a new location, and refuses log in.
I had this twice before it was removed (Either Beta or EA, cannot recall) and it took nearly 3 hours for the 1st email to arrive, and nearly 5 hours on the 2nd occasion!!! All time I am locked out of the game.

far too many people are already jumping on the "U is teh Gilbuyer" ship. Not everyone who has been hacked buys gil.
The number of methods of exploiting your password (no matter HOW strong it is) are huge.
Flash trojans, 3rd party keyloggers, 3rd party websites hacked, phishing emails etc.

I have even seen one post on this site where someone WITH A SECURITY TOKEN was hacked (not quite sure how, or if true).

SE does need to look at ways to remove the lure of hacking an account (RMT purposes). But for now they have too much on their plate trying to deal with all the other serious issues on their plate (3102/90k/server load/etc.)