PLDs gear expectations are in place to minimize the support requirement. If you can get away with only one WHM that is a slot for an extra set of procs, or just DD, or what have you. The biggest limiting factor to PLD is the hate cap.
A moderately geared PLD, with proper support (1-2WHM or 1WHM and SCH or RDM) will survive just as well as the best geared PLD, and the best geared PLD will lose hate just as much as a moderately geared PLD once the DD's are set loose.
At least thats been my experience returning and I join a lot of "low tier" shout groups the PLDs are at best in full +2 with decent weapons and shields, most are a mix of +1/+2 with decent weapons and shields.
Gear is not everything, the team, and the skill of those playing means a whole lot more. Gear is simply an example of dedication, and time spent playing. You do not need the best of the best to succeed in this game, you need to gear your job properly, and know how to play it, and find people that are capable of the same.