IMO, P2W are things like:
1. Being able to buy raid quality gear from a cash shop, skipping the traditional path of obtaining the gear in the first place.
2. Only allowing players who buy cash shop items to have access to specific gear slots like capes or jewelry.
3. Having cash shop items that allow a single player to train all crafts when free players can only train 1 or 2 professions. Depending on how valuable crafting is and how much time is needed, this often means that mega-crafter has huge advantages over other players who have to swap between multiple characters, leveling them each up individually, etc.
4. Mounts and other items that have stats that are higher than what non-paying players have access to (e.g. cash shop mount is +300% speed; in-game mounts cap at 250%).
5. Instant-leveling or leveling a few times faster than non-cash shop purchasers.
Things like +200% gold are only game-breaking if what you can do with gold means everything. In games like GW2, being uber wealthy with gold doesn't necessarily get you anything a broke player can't have as the best gear/mats are often account bound anyway.