Well, many people play BECUASE they have the leet gear, or are getting close to it, and basically have nothing better to do.
That, combined with the effort put in to the character, the friendships gained through that effort, and the face that at higher levels, life is a lot more fun.
At least, that is how it was for me, and still is for many of my friends.
So, as long as SOE doesn't do any sudden character wipes, they should have plenty of players for a good while.
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