The objective is the same but the depth of what you can do and how you can effect the outcome of battles has gotten quite deep. The enjoyment is in the battles, strategies, camraderie, advancement of your character(s) and conquest. Ultimately every MMORPG is "meaningless" if you really think about it. I do know what you mean though as that 'endless chase" feeling you got when it (PS) was released is now buried under gameplay tweaks and new content.
Its hard to verbalize, you really need to play it for awhile to get a good idea of what has changed.
----------------------------------------------------------------------
What
Would
Fred
Do?
----------------------------------------------------------------------
"Both the “left” and the “right” pretend they have the answer, but they are mere flippers on the same thalidomide baby, and the truth is that neither side has a clue."
- Jim Goad