On Classic, the P2W was way more off the charts, and even after those MUCH crazier pendants were released there, there was still much more server "story arcs" and glory to be had. I'd even argue the server was even more fun after those P2W items. Draining yes, but not terrible. People were still running around with barely anything and having good times.
In a very real way it allows people to invest into using their characters more for guts and glory and less for 1 million boxes and being an adena farming simulator.
Pick 1 character and 1 class and stick with it people. You'll thank me later.