I'd say grinding is doing the same thing repeatedly, which is inherently boring. The bad thing about grinding is not the effort someone is (un-)willing to invest in the game, but rather the way in which this effort is spent.
Would you not agree that it would be more fun to do NEW things rather than old things repeatedly? Be a Legendary Explorer because you charted so many lands, rather than fewer lands very very meticuously to the point of hugging every virtual wall in there?
Of course, this would require too much new content in its ultimate form (i.e., everything you do is new), but there are some ways aorund that. Some random area generation helps (Diablo?), some class-specific quests/twists help (GW abandoned that after Prophecies, but what was wrong with it really?)... these are just examples.
I guess small perks (titles, woohoo) for some extra grind is better than nothing at all, but players are short-changing themselves by proclaiming ultimate bliss when they are offered the option of doing essentially the same thing twice... or many more times. It's really not THAT great.
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