To me it honestly sounds like they have scrapped the game one too many times, are left with the dev tool (which they are happy with), and are using that to get some revenue in while they are making the actual game (along with us).
Georgeson said they had been working on this iteration of EQNext for a year and a half. He also said that during that time they had to develop the tools in order to build it, along with getting voxels and destructibility working in their Forgelight engine. So what we saw at SOELive is them saying, "Milestone Achieved!". They got [most] of their tech working in their engine.
We've seen concept art, we've seen some in-game models, and we've seen some very early combat systems. All of this stuff is still very early in development, based on the stuff they've shown us. That means that when Georgeson said they had lots of stuff to show us, I'm guessing he's bullshitting us; they showed us everything that they could get their marketing department to allow, and the rest of the stuff is still not finalized which is why they developed Landmark.
Landmark is exactly the same fucking thing Maxis did with SPORE Creature Creator. They put out a toolset for building assets for their game SPORE about a year before SPORE was launched. That gave folks a year to build out some crazy muppet-looking assets to populate their game when it went live a year later. SOE is doing the same thing here.
Landmark is a toolset to allow players to build stuff which can be imported into EQNext once it goes live. Sure, they're going to have competitions and whatnot to make Landmark "game-like", but in actuality, Landmark looks to be nothing more than Minecraft 2.0. I could be totally off-base here, and Landmark might be Minecraft+Farmville3D (which would make it a "game"), but so far we've seen nothing but tech demos. Oh, I can change the landscape of Ashfang. Oh, I can change the landscape of Lavastorm. Oh, I can build a ruined structure that looks like it's old. Neato! Now show me the GAME that Landmark is supposed to be.
Landmark is supposed to be out this winter. Winter begins in about 3 months. It ends in March. That gives them 3 months to get the Beta going, 3 months for "testing" and then they gotta take it live. For a "game" that is coming out in ~6 months, they've shown us very little to get excited about. Will Landmark have NPCs to hunt for resources? They haven't said. Will Landmark have water we can swim in and underwater areas we can build in? They haven't said. They say it's comprised of an unlimited number of procedurally generated worlds to "explore", but what are we exploring? "Other people's imaginations", which is marketing speak for, "You can see other people's shit", which amounts to virtual tourism. That's not a game.
So far I've seen nothing that really gets me to want to play this game. So far I've only seen SOE's take on Minecraft 2.0, and while I've played Minecraft (once, for 26 hours straight), I really can't see myself logging into that and playing day after day, week after week for a year+ until EQNext THE GAME comes out.
SOE needs to stop doing these "EQNext+Landmark" presentations and focus solely on Landmark since that's what we're all going to be getting our hands on first. Show us why Landmark can be called a "game". Show us what the goals and rules of Landmark the game are. Show us what sorts of things we'll be doing besides building shit. Otherwise I'm going to write Landmark off as a crafting simulator, which is nifty, but it's not a game.