GW has a very low level cap, which you can easily reach in a couple of days solid playing (on Factions/Nightfall), as such you are never that far behind anyone in the game in that sense.
Max damage equipment and armour can also be had from crafters or collectors fairly easily so you don't even need lots of money to have the same kinda strength items as years old players.
The only things you will have to 'catch up' on are your skills which are either obtained from doing quests (Prophecies), or bought from Skill Trainers (All chapters) for varying ammounts of gold (maxing out at 1k/skill) and 1 skill point (aquired by gaining XP).
So GW is a game where becomming useful and effective doesn't take forever.
What you do get from playing a long time is experience on how teams work well together, what other classes bring, how to setup your skillbar effectivley, what to do in missions, how the enemy AI works, a collection of weapons specialised for certain circumstances, and pimp looking armour and weapons
What you have to remember about GW is that no matter how old your character is or how much gold you have that 1.5million gold Obsidian armour is actually no better stat wise than the free stuff you can get from the collector for a couple of Skale Fins. It just looks nicer... and the same goes for weapons, and skills...