@kepto
you interpreted that correctly
This is how it works in Wow.
Start off
Each quest is designed to reward a choice of several gears. That is, each quest you do will likely add a part that you need based on your class and skill list.
You also get lewts from creatures with a pretty good rare drop rate. With the money you make from both quests and monsters and selling the items you loot, or materials you gether with a profession, you can both upgrade those gears with stuff, or buy gear from the auction house at very competitive rates. It isn't hard to have the highest level gear for your level, if you put some effort into it. Most players at your level will be within 20% of the maximum possible for their level.
However, when you beat the game, you get opportunities to special twink weapons that you can use on new characters you create.
It's simply the best possible MMO