Is contribution time? Is it smarts, strats, leetness? Is it crafting ingredients, crafted items?
The answer is all of the above. Every single one of these aspects should be valued in MMO's.
Some folks play only to get to 50 and start dungeons - then raid. Contrary to the very well written "johnny wanted things done too fast to his detriment" stories provided by this website - many folks (lots of 'em spouses or girlfriends) have been handed their xp and YES leadership experience via weekend long AP or CC runs.
Others quest and run dungeons in the normal plodding way - enduring horrible pugs etc. But choose not to craft. This is a viable alternative.
Others choose to embrace crafting for themselves and (very often) others. Leveling multiple toons slowly to gain crafting experience.
Let's look at a typical day in the life of a crafter with all 9 proffs.
Literally weeks and weeks of gathering and crafting to get to 300
THEN
At level 300 -- every day - supplies needed JUST for the master dailies -- 72 caramentium and /or 48 sagebrush, 8 kinetic bursts, 8 perpetual blurs, , 8 flickering crystals, 8 drakefoot SEEDS(1/12 drop rate from drakefoot), 16 basliliskweed, 16 bolts or spellspun or 16 soulhide leather.
Just on caramentium alone -- I have to crift about 16 hours a week to gather the needed ore for dailies -- or spend 2 hours a day gathering. The guild marketplace will only let me do 20 caramentium or sage brush each day if i choose that option -- that still leaves hours of gathering every day for my professions.
I have been a hard core raider (look it up Arraggonn in We Not ME on WoW Aggramar server --- and Aarwenn on Dark Prophecy EQ2 Lucan d'lere - then Crushbone[merge - not sure how it will show now]). I turned well meaning low level folks away for not being raid ready. I have been the hard ass. And I will tell you every time -- the crafters -- the good ones--- kick the pure raiders butt every time as far as pure time invested.
And in the end - isnt it about our time? I charge 30 bucks an hour for tutoring. In this country it's about time. Raiders may be working "smarter" in their opinion (remember I have 2 masters in engineering) but they are still spending less time than crafters. It's the time thats deserves the reward in my humble opinion. Or at the very least - recognize the time for what it is.
I have done both -- hard core raiding and crafting. Raiding made me crazy and used more of my brain. Crafting made me crazy and used more of my time. Which is more valuable? Both equally I say.