MMO pVp is half about skill, and half about preparation. The thrill of myself, and other like-minded individuals creating a symphony of death when outnumbered is the sole reason I play these games.
I stack every chip in my favor and low and behold, I (and friends) can overcome situations that wouldn't be possible in almost any other game.
Things like SKILL, class knowledge, class specs, team composition, good communication, ventrillo, GEAR/Armor, map and WZ/BG knowledge, having a good computer, a good connection, the time and style of life that allows me to play more than average if I feel like it, keybindings, macros... a long list. The fact that a small group of people plan the way they are going to play a game, the classes they will use... the specs they will aim for... months before it's out because it's a hobby they all enjoy together.
Bring all of that stuff together and you can overcome a lot... or meeting another group of people just like you... that give you a run for your money, and have spent the effort to do so... Just as fun as 4 people beating 8 or something of that nature.
Progression, teamwork... there is a lot that goes into a really good group of pvpers. That's why a lot of us play MMO's.
Then again, I loved guild wars and will assuredly love GW2, so in all honesty I like this game for what it is, and plan to play it for what it is and will become. Gear isn't that big of a deal, but it is on the list of things that make an mmorpg... an mmorpg.
My sword glows brighter than yours, and I like it that way.