The reason to be level 80 is (or was) so that you would be done chasing carrots around, and could just play the game, because it was fun to play, and for no other reason than for the fun of it.
That’s a better endgame than and endless succession of bits and bobs to collect.
So I’m supposed to grind “stuff” to make “things” until I hit the max level. At that point, I no longer chase the carrot..to walk around and look at the trees and things? I’m pretty sure they’ve got a near endless succession of bits and bobs to collect if you want to craft any sort of cool gear—http://wiki.guildwars2.com/wiki/Legendary_weapon.
There’s nothing inherent about 40-man raids that makes them more “endgame”-y than 5-man dungeon parties.
Those 40-man raids usually had some mechanics that made them fun. I’ve not run Arah yet, but everything else has been pretty bland and tank&spank. I’d also like to see some real loot out of the dungeons I run. I’ve picked up one yellow through the entirety of the time I’ve played the game. Majority of it seems to be sub-80 blues/greens.
As for Legendary stuff..see above.