Actually to start off Blizzard did the same thing in fact to burning crusade.
Ever heard of Magister's Terrace?
All amazing epics that were insanely easy to obtain, the idea behind that being that people were quitting the game do the fact that they were frustrated with not ever being able to see content past Kara for the most part.
If you were not apart of the Leet most guilds than you were mostly doomed to Kara on end. Only the best of the best ever saw the fall of Illidan and even then only the best of those got to see the final raids from Sun.
So Blizzard went into Wrath with a more than lazy tone having to do almost nothing with the new content, Naxx....and all of the tier gear recycled /lame aright? But they figured with the emblems that this way every average Joe had a chance to see the End-game content with their skill level having little to do with the fact.
Blizzard being the amazing geniuses that they think they are put in "Heroic" mode saying that gave both the leet and then non a chance to get what they wanted. Obviously /epicfailed but was a semi-decent effort.
In regards to what you were saying about H ToC, trust me you are making the same argument many made about MGT back in the day. Although Blizzard has watered content down even further now after they "learned" from their mistakes.
Now if you have failed to notice in every patch Blizzard comes out with something new to improve the game as they call it, something to most of us would be an obvious step that should have been done years or months ago depending.
For example you read in Cataclysm that we get flying all over, we think well why the hell not sooner right? Or mounts easier and cheaper, or run speed increases, or all of the little "fixes" that they have known about for so long. One would wonder how in the hell they didn't foresee this all from the beginning, like all of the 12 year old Jerks so easily figured out in trade from the start?
The answer is pretty obvious, they know, knew, and always have known.
That is the point.
Because no matter what anyone says they made a perfect impossible to quit game. Always adding a new small or large touch here or there, slowly bringing the game to what they most likely always planned for it to become.
A shiny success with each year over any competitor. Easily the most addictive game on market. Because they know how to dangle the so called worm above their consumers. Really you have to admire the amazing foresight on their part. They have made their product more successful than most on the market these days.
Yea they can piss people off constantly by never truly giving them the piece of content or upgrade they want but that is the exact point. They don't plan to give us everything ever. Not until WoW2 is in the works they won't :D
So I know where you are coming from and how frustrating it can be, you can either hang in there, waiting it out for the next 5 years or so until you finally get to reach 100 and have spaceship mounts, or you can quit and get on with your life. Keep in mind once an addict you are an addict till you die. Ask any smoker/drinker/druggie/wow-head.... :D