Henry,
You guys have been doing the Organized Play thing for a long time. So I feel a little silly trying to argue the whole story vs. advancement angle with you. Yes, WH hits a different niche than most flavors of DnD/d20. Adventures aren't about amassing wealth or magical treasure. And peeling back the onion layers of deepening mysteries and being part of that shared experience is worthwhile. But I still see character advancement as the carrot that supports repeat play. Flattening the power curve doesn't change that really. WH is still built around a framework where advancement is necessary to use more powerful abilities and take on stronger foes.
Slow progression is fine, especially with OP. You want to maximize the playability of available rounds. You don't want a handful of dedicated but regionally fortunate players obnoxiously demanding rounds to challenge them and draining your resources for lower and intermediary rounds. But lets face it. Under the current WHR guidelines, a player will never be able to do more than increase skills (which run right smack into the hard cap applied by his or her ability scores) or maybe a Basic Talent or Rite (if you can't think of anything else to do with your character over the course of 10 rounds—a year of play). The game just isn't built (IMHO) to create a static character out of the box. Too many options, too many restrictions, and too many hard caps.
Story aside, character advancement creates a sense of investment in the game. Yes, I as a player I can appreciate being part of a good story. But that investment only goes so far. The tangible rewards for being part of that store have limited forms, and advancement is the biggest among those. I'm just not convinced you can build a long term audience without it.
But if the story isn't there, the players aren't going to keep coming back regardless of how awesome their characters are. I won't argue that one bit.
One last thing: the last thing I'm suggesting is for WHR to shift gears to a rapid advancement model. I just think the current SP/Advancement model used is worthless. Players would be better served if advancements were hardwired into AJ. Example: Once you have played through all the year's Hard Point rounds, your AJ directs you to raise one Ability or choose a new Talent. THAT would serve both ends, would it not?
Tom
edit: course, the absence of any other opinion on this matter might indicate just how off base I am. Until then I remain the lone voice in the wilderness.