Once T5 is out, Funcom should look into ways to nerf T4, and T3.5 so that people will finally get out off the T3 treadmill and raid something different.
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I agree with nerfing something for once.
Once T5 comes out veteran interest in T4 will drop hard. I know in my guild all T4 has been replaced by T5 on Testlive already since everyone is so bored with gearing up their 3/4/5th alt in T4. When T5 comes out T4 ideally would be nerfed to the level T3 is currently.
For pugs this has proven a good challenge: not so hard they have no chance of beating it but just hard enough so it is still possible to wipe. Some encounters (read Zodiac) may need a bigger nerf. Something like removing dots from 6man puzzles and increasing timer, or maybe downsizing 12man puzzles to 6man and 6man puzzles to 3man in order to make it doable with a smaller amount of good raiders.
If T4 stays like it is now after the release of T5, the raidingguilds will move on from it and the big public won't go there.