Yes, definitely! The team did raise the bar of excellence. All or Nothing's final instance was one of the most impactful story moments I've ever experienced in any video game, ever. A few years ago, I would have never dreamt that the community as a whole would be crying or left in a state of shock, coupled with youtube reaction videos and internet articles being written about it.
(And now I'm afraid the lay-offs may affect what's to follow in ep6 and lw5.)
I know that there is still more awesomeness to come from the Guild Wars 2 team; I wouldn't count them out because of all this.