Going from 3 raids and 3 dungeons per year down to 1 each sounds not good.
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Here's what I thought... I don't know how people feel about Encore, I dig it... That's the idea. The Raid will evolve in the 2nd & 4th update. The Dungeon will evolve in the 4th update and/or offer a yearly pantheon "like" activity. Dungeons are getting adept loot (implied) and a larger loot pool. I'm optimistic. I want to know what that rogue-like mechanic is... this bodes well for new mechanics ensuring they'll get the resources they need to launch in a strong state.