I really liked some of the points in the main post of this thread as well as some of the responses. I want to highlight one point, though:
This is a tricky one. We DO play the game, and while none of us have made it to top level on the life server, we have our own client and server which we use to test higher level content as best we can. However, the fact is we just do not have the time to play every single aspect of the game as thoroughly as we'd like, and players will always find new ways to approach things that we don't think of. Being a top level, dedicated MMORPG player is practically a full time job in itself and we all already work full-time (and then some).
It is absolutely essential(not recommended, not a nice thing that might be useful, but essential) to have at least one member of your development team that knows the ins and outs of the game as well as the top players do. I absolutely love HCS for how communicative, responsive and community-oriented they have been in the past, but I also notice that as your development cycles lengthen, the team's overall understanding of game mechanics and gameplay issues tends to fall by the wayside.
This is a crucial error of a lot of smaller game companies: the longer a game world exists, the less the developers have time to play it, therefore become less knowledgeable about the gameplay itself, and then players and developers alike become frustrated because the actions and reactions of each side make less and less sense to the other side.
I truly appreciate how hard you all work on making this game great. However, there are of course going to be things between developers and players that get lost in translation simply because the way players see the game and the way developers see the game do not necessarily mesh well. The way this communication gap is bridged is by having either a dedicated playtesting team(which your company is probably too small for) or by having someone play the hell out of Eldevin and become a real pro at it, so they can communicate via first-hand experience some of the issues players are having and how they might be fixed.
You're absolutely right that it takes an incredible amount of time to be as dedicated to MMOs as some of the hardcore MMO gamers, but unfortunately there's no substitute for game experience and putting in the time. How you manage to find that kind of time when you guys are this busy, though, well, there's the hard part.
Developer livestream for collecting live player feedback once the new client is released sounds like a good start though! Hint, hint.