The timesinks can drive players away, but more often keep players on the box. Say the 10x exp rate was still in, there'd be several hundred players at 50 already, with what to do? Camp loots? Sure, until ya get 'em all. Pvp? A few skilled, organized pvpers would rock the high level pvp while the rest who didn't have enough time to learn their class would get raped until they quit or got good (probably quit). Pvp during leveling makes it interesting. The grind sucks, but it's why you will rarely ever see someone at 50 who is bad at playing their class. You've got like forever to level up.
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