I prefer new permanent Content.
The events are fun, but if i have to chose, I'd like for events to be less frequent so they hold more novelty and excitement.
If events are contsantly introducing new vendors and quests that disappear shortly after, it gets repetitive in the long run...granted, so does lvling.

I like the idea of introducing events WITH permanent content updates also. I understand it comes down to a matter of resources, I appreciate everything you guys (OTM) do to keep the game moving forward. For the long run, I think new permanent content will help ensure more players turn into long-term loyal players.