Yes! At this point PVP success becomes skill dependant and not gear dependant. That is how it should be. Think about it, in any sport, profession, hell life itself, success is based largely on skill. Not who has the newest skates.
As far as the people quitting, I will sub another account just as a big **** you to all the crybaby whiners complaining about newb 50's not having to "work" for their gear.