Well, I don't know if I should post this in the sticky or not, but postin here I guarantee I won't be asked why I didn't read the enlarged text

.
First of all, I agree with most, if not all, of the stated by Garluk. And I think he really explained well.
I recently got a vendor (after the revamp). And after using it for several weeks, I do think it's unfair not having a vendor. Before I had one, my alts (as well as my best friend's alts) were full of crap items I didn't felt like spending the time to sell. I also had abandoned the only tradeskill I had gotten past 100 in SoD: Alchemy. I don't much time to play (or at least I feel like it

), and I never liked EC tunnel with lots of auctions, shouts and such. It stressed me as someone said.
An automated selling system, like the one we have right now, gives time to the player to play, even though someone could call standing quiet in a zone hitting your WTS-macro every now and then playing (you may see it dramatized, I see it this way). But I understand it needs to be available not only to a selected group of people, but to the lowbie who just got half a kpp and would do anything but keep it to buy a vendor.
So before I lose the hope on some revamp of the current system, I'll try to give a couple ideas that could help it be fairer.
1.- Make the automated vendors earn their money from their sales (instead of receiving it from the owner).
This point would help avoiding inactive vendors... but it's not perfect. Someone could just log an alt, buy the item, postmaster it back and put it back on the vendor, while losing some pps (aka handing 100 pps to the vendor) to keep the vendor up.
Unless some fair formula is found to calculate the vendor's tax, it would still prevent players with low funds from keeping a vendor. The formula may be something like "Each day 1 (rl), I must have claimed (at least) an 1% of the total value (put by the owner) of my sales, and I keep claiming 10% of any sold item to reach that quantity". This "formula" also penalizes over-priced (aka vendor-banking) items. But we still have the problem of who owns a vendor and where, which are
really important.
2.- Make a merchant area around major cities (details below).
I think this picks some ideas I've already read somewhere else (don't take it personally if it does

).
It would consist in a vendor area (small area, like the arena in Newport ;P, with lots of Vendors in it separated by like 2 steps one from each other), where each vendor can hold 5 items to up to 10 people (more if possible).
By limiting the number of items to a such reduced number, you force people to free space, and thus skipping vendor-banking. You can still spare your sales between the different cities, to a maximum of 20 items right now (Newport, Oggok, Halas and Grobb)
It also provides vendoring room for more players, and you could even let them work without an initial fee so that lowbies can benefit from it.
So how does the npc vendor get profit to maintain his wife and 2 children? He could simply claim a 10% of any sold item, even if it's "sold" back to the owner (aka removed from the vendor). If you don't want to buy back an item, but want to free a slot, you could just "donate" the item to the vendor and his family (nuke the item). For any stacked item, I would let it hold 5 full stacks of it before occupying a new slot.
The problem I see is the lack of place in cities like Grobb or Halas (at least the former). As well as the "impersonal" trait of the vendor npc, which I like.
Well, I'll think of more ideas until I lose my hope.
Ah, one more thing: ;(