The developers created iLevel in mod 6 to better gauge the power of a character based on their items. In mod 7 they added SH boons, but these were not included--and could add many thousands of stat points to a character. Then mod 8 came along and added mount powers, stats, and insignias for thousands more stat points. Within the next 2 mods the developers wiped out any use the stat system had.
Today, the engine of many characters, the major stats that he runs on, are from SH boons and mounts. Enchants are just a bit of icing on the cake. I can take a 4.2K character, remove his utility enchants, and drop to 3.7K. He has lost virtually no power (or NO power if he wasn't rocking darks)--because his main stats weren't even included.
It's time for a new gear/power meme.
Edit: I failed to include pet bondings the first time around, as Etelgrin rightly pointed out. Also Legendary pet bonuses and augments, perhaps each active bonus slotted as well. The amounts generated by pets would of course not count in the PVP arenas in which pets are left behind....