I see this comment all the time, but I don't remember getting a lot more content in 3.1, 3.2, and 3.3 (unless you were including wrath). It was always a raid, a few dailies, one 5man, and one significant UI changes. It's close to what we get.
What changed the most is how you play the game (easier to get group and gear, no 10/25 raid lockout, same gear in both raid). I think that cataclysm was poorly handled in that sense, but it's doesnt feel cheaper than other expansion.
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