If/when they remove Veteran Ranks I don't think they're likely to just downgrade vets to 50, increasing level is a cornerstone of just about all MMOs, if they cap it at 50 then people will eventually get sick of it and quit, I know I personally hate the idea that when I finish my first toon I'll have to start another one to really get many more champion points. It's tiresome enough playing through all the quests once, let alone more than that. There's nothing wrong with them but you need variety to keep that sort of thing viable.
They're likely to replace the Veteran Ranks with a new more fluid system that's more directly based around experience, or gives you a star ranking or some such thing. Like making people who're at a certain point "bronze" "silver" "gold" "platinum" players and whatnot. A ranking system based around numbers still but with more room for development. I sure as hell hope they don't ground us at 50 at least because that would make it feel like I'd wasted a whole lot of time getting to the cap. A feeling others will feel tenfold having developed multiple toons to that standard.

Furthermore I seriously hope they plan to add more morphs for skills while they're nerfing or "rebalancing" them. As a Dragon Knight I'm always disappointed that Molten Armor only sticks spikes out of my back and forearms, it'd be nice for a second and maybe a third morph got added to it and some other skills to make it into a more comprehensive thing. I don't even care if it doesn't boost stats a great deal more, I would just like to LOOK like a fire-based knight when I turn it on, instead of some weird magmatic mutant.