This is a concern of mine when I hit 40 too; however, let me just say this:
I don't mean to be a WoW Fanboy, but there's no denying that WoW has grown to become the most dominant fantasy MMO over the past 4 years. They must have done something right.
When WoW opened it's doors on November 23, 2004, "endgame" consisted of BRD, Stratholme, Scholomance, Blackrock Spire, and Molten Core. That was it. Three 10-man instances, two 15-man instances, and a single 40-man raid. Which means that at release, the only gear available for engame was:
- The tier 0 dungeon sets and random dungeon gear (which was ~99% blues)
- The tier 1 raid sets from Molten Core
That was it... only later did they patch in new content with new gear:
- Dire Maul & it's (blue) gear came in Patch 1.3 (3/22/05 - 4 months after release)
- PvP Gear & the Honor system came in Patch 1.4 (5/5/05 - 5 months after release)
- Battlegrounds & their gear came in Patch 1.5 (6/7/05 - 6 months after release)
- BWL & the Tier 2 epic gear came in Patch 1.6 (8/2/05 - 8 months after release)
- ZG & its epic gear came in Patch 1.7 (9/22/05 - 10 months after release)
Even at the end of WoW Classic, the itemization wasn't all that terrific (it wasn't until BC that they really fleshed out itemization). At the beginning of WoW Classic, there was very very little in terms of itemization. No PvP, no honor gear, only one raid with one set of epic gear per class, and the rest was random blues from dungeons (which weren't even that great and were a royal pain-in-the-arse to get).
So don't worry.
WoW was the same way, and it turned out to be mildly successful. Warhammer's itemization is better now than WoW's was at release. Give it time, more variety & more content is coming.