Better gear is awesome. There is no need to double the power of gear though to make it exciting. This is an MMO... Going from +12 to +13 or +14 is exciting. Going from +12 to +20 is silly.
With no changes to the quests, they will become even easier.
With no changes to old raid gear, raids will be run less.
I'm all for making random chests better. It IS good for the game. But there was no need to destroy the raid part of the game, AND power-jump by such a large interval. Random chests could have been made better without going so far.