You are greatly underestimating the time/investment required to even raid during Vanilla. It wasn't just "ding 60! invite me to MC!" Yet, with MoP, I can hit level 90 through Insect Land (forgot zone's name), get enough ilvl items to jump straight into heroics and be 2-3 RNG wins away from LFR.
You keep on missing the point so badly I just don't want to even try to explain it anymore.
Anything I earned in Cataclysm is useless now, agreed? Anything I earned in the release of MoP is also useless now, agreed? Anything earned in 5.1 is useless now as well. Anything earned in 5.3 is nearly useless, unless I was hard core enough to collect and fully optimize heroic level gear.
For most players, not in a heroic level guild, 5.4 LFR raid gear is better than anything they have, and any effort they spent prior to 5.4 in gearing out there character if effectively erased.
Now, go back to vanilla.
If you earn a ZG or MC epic, and quit playing entirely for a year, and then come back, you STILL have something that the average player doesn't. Your past effort is *not* erased. Even if it's just one little piece of gear that doesn't drop in a 5 man, it's still something, unlike a casual walking into patch 5.2 and realizing every single thing they worked for is garbage now.
It seems more the complaint is content is coming out faster than you can handle, thus this notion that you have to "keep up." Which is partially true, but that is only subjective to you.
I'm not sure how you could possibly think that, are you not reading anything I write? I don't care one bit about new content I can't do. What I care about is old content I already did that is now rendered completely obsolete.
Hypothetical situation time.
Player A is in a raiding guild, but not a super good one. During patch 5.1 he spends a lot of time raiding normal mode, and doing LFR on the side, and collects a nice assortment of gear. Overall, he spends 20 hours a week doing this, for 10 weeks, 200 hours total.
Player B does none of that, messes around trolling trade chat all day.
Patch 5.2 released.
Player A's guild falls apart, so he starts running the new LFR raids.
Player B also runs the new LFR raids.
Player A questions why he spent 200 hours of his life collecting gear when some lazy slacker can step into the exact same content and earn the exact same gear at a fraction of the time commitment.
If player A is smart, the logical conclusion is that spending time on content is a HUGE waste of time, because the next patch LFR raid will be better anyway. Why waste hundreds of hours when you can just walk into LFR without any of that gear and get better upgrades?
Of course, the logical conclusion after that is why play WoW at all? It's just a huge treadmill, and canceled subscriptions start occurring. IMO, this is why there was a 54% drop in revenue.