"I hear a lot of people saying that there is a definite item grind, though, that your survivability is massively dependant on your loot?
Granted, the people I hear this from may not be the most objective observers (ie, GW players)."
Remeber bunny hopping around in Counter Strike where you couldn't hit someone because your shots wouldn't land? Yeah? Well that's what good players do in WoW. You can have the most pimped out gear and I'll still bunny hop around instanting your ass to death. You can definitely tell the MMORPG addicts from the FPS fans when you start fighting. An MMORPG nerd will stand still exchanging blows. The FPS player will hop around like a crack addict so you can't keep targeted.
The gear only matters when you fight someone whose also a crack head (i.e. good at maneuvering). Then you're fucked.