No its not a loss, but the reward skins and pets look awesome.
In GW2, armor and weapon skins will also be customizable via the cash shop using transmutation stones - You buy whatever armor you want in game, then if you want to change the appearance without having to grind a new set, you can go into the cash store, buy a transmutation stone and change the appearance.
Nothing that I would ever do though tbh, the cash store / rewards / loot differs in appearance only and not stats, so you can play through the whole game in the cheapest equipment without being disadvantaged to anyone else (no need to grind for raid level equipment like you have to in other MMOs).
Another brilliant aspect they are putting in is rather than dungeons rewarding you with random loot, completing a dungeon gets you tokens instead to trade in at a collector for loot. You still have to repeat the dungeon a few times to pick up enough tokens to trade in for a full leet skin armor and weapon set, and different weapon and armor skins will be available from tokens from different dungeons. This is a lot better than I found DDO to be, where I grinded, grinded and grinded one of the end game chests until ransack several times over just because I needed one item, but I never got it and simply ended up full of rage.
You still get random loot from enemies, and unique weapons from bosses for boss hunting addicts like me. Boss unique weapons drop with set non variable stats and appearance, but they have the maximum modifiers for damage and whatever other stats they have.
I used to play Guild Wars grinding for unique green name items from bosses because I love the feeling of getting uber rare weapon drops, but the stats you get on them arent any different to normal maximum stat weapons.
I've got 3 out of 50. lol
Actually surprised I've got any tbh.
You get 3 points automatically for linking your GW1 account to your NCsoft account. That just gets you a few armor pieces. You should try getting it up to 6 for the full free armor set though
It will be a bit silly at launch seeing everyone running around in the heritage armor though. Getting 30 points pretty much means never having to worry about grinding a single weapon or armor set in the whole game if you are happy just using the free bonus ones. The stats of the reward items will be customizable up to maximum.
And the lovely lime green colour of the Scholar heritage armor is also my favorite color, so I'm going to be using it for a long time