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Worse than that though, is the fact that, if I have access to install my keylogger, I also have access to install a small program that listens for you to start GW, then takes a screenshot immediately following every click for the next 5 minutes. Why even bother trying to log what you can screenshot?
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That doesn't highlight an actual flaw in their system.... Most of it just highlights how BAD their security practices are... which everyone agrees with. :-) Like I said, NCsoft doesn't believe in modernizing their security practices, and the only time they will admit that something went wrong is if someone breaks their SSL encryption or someone @ NCsoft with account credentials gets a trojan. And even now, like you said, they rolled back one of the improved security measures, which IMO is just asinine ... the best thing to do for GW2 and future products is to consult security experts that look at future trends and try to protect the product as best as they can against growing and new threats in addition to existing threats.