I think a lot of people think the same way you do - if only because of Diablo and WoW, there's still millions of people whose experience of online RPGs are those 2. And I do understand it myself, I remember I felt a minor thrill when I first found a piece of armour that had +natural stamina regeneration on it, and especially when I found a sword with health and stamina tap on it (what can I say, I dig vampirism

). They just don't mean as much to me as to other people.
This game must've had a really troubled development, the amount of stuff they left out is staggering. I remember for years they were telling us that items would have 2 values on them - one for pvp and one for pve. So far the only 'pvp' stats I've seen are the ones that say "+heroic defense rating", and it's usually a tiny number, so I'm guessing dual stats was something they couldn't implement (probably would've made the data matrix too big for their databases to cope with twice as many fields in it). Obviously they decided to keep only the pvp values, which are naturally toned down so as to keep the game balanced and non-gear dependant in pvp, and I think that was the right choice as I'm looking forward to the endgame pvp and I don't fancy having to grind a dungeon 30 times in order to get the gear for it first. But with so many people quitting the game over this it's really a pity they couldn't fit it in. At the very least they could've provided more variation in the mid-level items' bonuses (while keeping the values for max-level stuff the same) so as to give people a bit of a nice surprise every now and then, but I guess they seriously underestimated what a hugely addictive aspect of an MMO item drops are for people.