Right now, most players are below this level (http://www.swtor.com/community/showthread.php?p=897980#edit897980), and it's very noticeable. At least on my server, you can go from maybe 120+ people on Dromund Kaas down to maybe 30 on Corellia. Most players are just leveling slowly, and issues like low population on Ilum and having difficulty finding groups will become less of an issue as time goes on and people catch up to those players who level more quickly.
Granted, they may not have too many people to catch up to if many issues are not addressed (e.g. lots of bugs in PvE content, Huttballzones, character responsiveness etc.), but here's to hoping they will address all these things soon.
To the OP, I'm not sure what your previous MMO experiences includes (saw SWG, played for a number of years myself ), but the gear treadmill is pretty standard fare these days. I like to think of it as getting gear to get gear to get gear, and it is ultimately what keeps the behemoth that is WoW afloat. Until they add more tiers of Ops, there isn't a lot of point re-running them a whole bunch.
PvP will need some sort of ranked system for players to compete in (I believe this was mentioned by Gabe as something that may be coming), otherwise it too is just a mindless gear grind. But the whole Huttball thing needs to be addressed too.