I have a level 59 loremaster, made it to level 25 or so without dying. There's a lot of survivability inherent in a LM, and a lot of power.
You have, essentially, three ways to build a LM. You can focus on Crowd Control, your Pet and Healing skills (you'll never be THE healer, but you might well be A healer) and DPS through elemental damage.
You're never going to be a minstrel or a runekeeper, though. Sigh and move on, and notice on your skills where it talks about what ELSE they can do.
If you're soloing, I highly recommend the pet traits. (And even when not, you should always have a pet out. Loremasters have a powerful self heal through flanking that you don't want to neglect, and a second self heal-over-time that requires your pet to be out.) Learn your pets, buff your pets, and realize that ALL of them are useful, at the right time. If you go with this line, you'll potentially unlock a ranged pet that will be an excellent way of contributing to pull DPS without worrying about the pet pulling. You'll also be able to remove various conditions in or out of combat, which can be a life saver to the group.
The DPS traits can allow you to do a lot of damage, at higher levels, but can result in your most powerful CC skill (Blinding Flash, the 30 second mez) being cut down to 5 seconds. Don't go this way if you're in a group; anyone can provide DPS, only YOU have your range of buffs and debuffs.
When in a group, you're best to excel at crowd control and power-management. Refilling your healer or tank with power will save the day more than once. Rooting a group of melee combatants before they reach you will make things even better -- you have a lot of stuns, you have a lot of debuffs, you have snares and buffs and other things.
Control the battlefield. Don't put your pet on aggressive. Be prepared to toss out an emergency heal now and again, be ready for ressing when things go bad. Learn which of your own skills break your crowd control. Use your different skills frequently while leveling, so you can see which ones are useful when (and you unlock all the traits associated with them). And don't be afraid to change your build with new traits, to try out different ideas. There's a lot of correct ways to play a loremaster. (And if your group already has two loremasters, then hey -- it MIGHT be worth trying a DPS-heavy build.)