I like it.
I'm only level 17 since restarting on a new server, but I enjoy the challenge. Nothing more satisfying than winning an engagement / 1v1 against players with a toolset advantage. Skill still matters to a degree, and it's great practice.
So what if you lose now? The rewards are comparable, even when you lose. Eventually, the average level of the playerbase will be closer to 50 than 10, and the disparity will be greatly reduced.
And FYI, if you signficantly max out your gear for your particular level, the Bolster mechanic actually goes overboard adjusting your stats. I walked into a match the other day with 14k hitpoints and very high damage/defense, wearing all blues/oranges that were within 2 levels of my character. I was sending level 35+'s running at level 15.