i) it doesn't feel rewarding to keep leveling (diminishing returns the more you play, eventually reaching a flat progress-curve)
ii) there is no competitive side to D3 (no ladder; nothing to show for time spent). A big part of why I play games is to beat other people online and improve my gameplay overtime and find more efficient ways to do things. No matter how good your gear is, how leveled you are, it all seems pointless without a structured way to see how you're doing compared to other players (i.e. ladder).
I had a lot of fun playing D3 through 1.03, and then 1.04 because finding a good item meant something- you could sell it for a major upgrade. Then the patch came that swarmed then AH with all kinds of semi-decent gear such that it became impossible to make any kind of progress: The game was still AH based with astronomical chances of finding your own late-game gear, and the means for building gold through selling semi-decent gear (which you still had a decent shot of finding) and saving gold was eliminated because the AH was saturated with such items and their prices went through the floor.
I appreciated the MP system and the keys, but that in all honesty had no long term playability or the catch to keep me hooked neither on a competitive level nor "just for fun".
I haven't tried the PVP or new crafting. Is there anyone else who felt about D3 as I did and now feel that D3 has changed and is grindable again?