Is Blizzard's World of Warcraft Cash Cow in Decline?

Players are, some would say at long last, becoming cheesed off with Blizzard constantly milking them for more money, and it comes at a time when World of Warcraft has been losing large numbers of customers.  Blizzard are facing more and more competition and in harsh economic times people will look to spend their hard earned pennies more frugally.

World of Warcraft's monthly subscription must be the company's biggest income generator by a huge margin and it would seem sensible to start listening to the customers before more people vote with their feet.  One of my biggest gripes with the game is that it is a constant grind to achieve anything.  Why should it be the case that my PvP gear is not good enough for Dungeon raiding at higher levels? And why should people who like PvE Raiding not be able to use the same gear for venturing into World of Warcraft Battlegrounds?

I know the answers already, they were rhetorical, but it's making the point again that Blizzard are far too deliberate in their efforts to maintain those monthly subscriptions.  Blizzard need to concentrate on putting "having fun playing" at the top of their agenda.  I would love to try out a dungeon or two (masochistic tendencies you see ;-) but I'm too busy trying to get the gear so I can compete on a level playing field in Arenas.  By the time I accomplish that we will already be into a new season and I will need to get the new gear so I can...

The point being I haven't got the time to get both sets of gear necessary to enjoy the different aspects of the game, solely because Blizzard keep moving the goal posts so I will spend money to keep on the treadmill.  What Blizzard should be doing instead is creating more real content and tweaking the current content.  For example some of the Battlegrounds are nothing more than PvE rushes rather than PvP competitions.  Now we all know Blizzard are good at producing RTS games and it cannot be beyond them to develop PvP along similar lines.  Although I suppose that they might not want to compete with their Starcraft and Warcraft products, but I don't see that as a credible view point.