Many people feel EP4 ruined 1-15 PVP since once powered enough you could be a one man party sometimes, 1-2 hitting people, unable to heal over the damage some players can do.
I agree having mad 10+ enchantments is very offputting, which Is why one has suggested limiting the enchantment to  gives a glow as well as some power, but not over power.. and possible  to armor,s which allow the opponent to still die.
Others have suggested it is wrong to have NM in with UM, but If it was split, PVP would be empty, not quite sure Fury would want to loose HM to cope with the number of UM Alliance..
I feel - 1-15 was ruined BY EP4, the 30 man parties are great, however the unlimited enchantment has crushed the chances of many, I am not willing to put out billions for  armors as well as a mid class weapon... Only those big spenders can do that.
Other then that, I feel the 400hp gears may push the unbalence a hit, making you harder to kill but some what more enjoyable target.
-edit- sorry Taco i posted before reading it all, thats my thing.. >.>.. I agree but since people are allready at  they cannot do much or its a wasted item.