I've been playing mmorpgs for 10 years (pretty much since they were invented). So this is far from the first. There are plenty of aspects about this game that I enjoy and I think it has the potential to become an outstanding game hence why I play it. It also however does have many pitfalls that really hurt the gameplay. Most of these are simple fixes such as interface changes which hopefully cryengine is going to address. The most glaring problem is actually entering into
EU for the first time and just being dropped into PA or NO with no direction what so ever. I've discussed with my mentor at length how I feel it should be done and he told me I should send in a support case to suggest it (it is far too long to post into this thread and also rather off-topic).
So to get back to the ideas at hand concerning loot when compared to other mmorpgs here we go. I will start by saying there is no "instant gratification" of obtaining loot in Any mmorpg. There is no reason experienced players from other games would have the attitude you suggest. I have spent months upon months farming mobs/bosses for that 1 single item just like many people do on here. Due to this I feel the loot system and "no loot" is perfectly fine. There have been thousands of encounters where the mob didn't drop what I was looking for and had to wait a week or longer to encounter that mob again.
In the end loot is the same on all mmorpgs. You either get lucky n it drops right away (like gettin an early global/hof), or it could take months or even years before you finally get that item or hof you always wanted. Regardless any experienced gamer knows that there is no "I killed it, I get loot." attitude in mmorpgs. If they don't know this then they never played long enough to do bigtime end game raiding in the big mmorpgs. EUs Active population (no where near the 700k advertised) is tiny compared to the big games although hopefully it will grow much larger in the future!
As far as regular non-online RPGs and such the whole "instant gratification" issue is another story and definitely plausible.