I don't think this will be that bad. At least if I eat dirt, I won't be wondering if it was gear, skill, or some weird combo of both.
I don't have anything against P2Ps btw, I've been one (not twinking, but just leveling toons geared to the teeth through PvP, which is just as bad. Played a fury warrior and I crushed every class except the occasional rogue, and the feral druids who bite for 90% of my hp).
The kind of advantage gear gives is only good for venting your frustrations. Remember Bonus Armor, yeah it was sort of something that no one could have predicted would happen, but it reminded me fondly of the days when vengeance worked in PVP. Still we have no concrete information, so we shouldn't jump at eachother's throats just yet. If they fix arms from it's crapshoot, and maybe mercenary mode works for Exp-off, I'd play all damn day.