I am still playing for this season as the effect from the decision has not happened yet.
But if I build up T5 gear and then it is useless in the next end game content in comparison to the new featured gear, that will be the end for me. Not just me. You will lose people drastically fast. This system as described has zero respect for our time and effort. Noone mentally healthy will stick around long term for something like that.
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I hate how rewards are tied to equipping new/featured gear as well. Its especially frustrating knowing I have to give up my good gear that would be equal to T4, just to be forced to run T2 or 3 gear.