Depends. If I played out every aspect of the game, exhausted every option, did everything there is to do, then yes I would be less loyal because I would no longer resubscribe and play.
If however my character could only achieve about 50% of the game, then yes I'd be more loyal, but slightly pissed.
I believe that the way things are right now in WoW and other MMO's, it needs to change. Some states have laws that count digital goods as property, meaning that I the owner, am allowed to with it as I wish. Which means selling it, But no state has the balls to actually challenge blizzard and valve in court and allow it's residents to sell/trade their digital goods openly.