How would you design an MMO's endgame?

Earlier this week we asked if you were sick of raiding progression. A lot of you said yes, and that got us to thinking that there must be some other endgame activity that tickles your fancy.

Let's pretend for a moment that budgetary concerns are off the table. You're the creative director on your very own MMORPG, and you need to come up with some sort of engaging endgame that will keep your max-level players entertained and/or paying (preferably both).

If raiding is off the table, how would you design your MMO's endgame?

TH