I agree with the OP in terms of time spent for completing the event is way to high and has a big grind taste for me.
However of course I could just ignore it. But I really liked the gauntlet and I managed to get to Liadri pretty quickly. Than I decided to collect a few tickets first before I start trying her seriously. So i was very pleased when Anet announced that they wont remove the gauntlet for another 2 weeks. I can only spent time playing at the weekend (work). My bag full of tickets I tried to access the gauntlet last weekend and I was pretty annoyed that I could not access the gauntlet anymore.
I managed to grind 6 hours through the event (had a disconnect once…) only to discover that I have to grind a bit more for 3 items and do an instance afterwards…. Than I lost my interest completely and forgot about the gauntlet.
I mean you need roughly 8 hours minimum to get back to the content you already had access before. I do have quite some time at the weekend to play games but 8 hours mindless grinding is a lot of time.
However today I read a quote in the forum that the gauntlet will be available as a event later this year so players have the chance to finish it. If they do this its okay and fair. Next time they should communicate a bit clearer what will change with the next update.
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