I played for about a year from open beta.....and I must say the game progressively got shittier. And here is my conclusion as to "why" First off.....the storyline and lore has gotten so diluted its hard to keep track of everything.
I remember back when it was UBRS runs and there was ONLY world pvp......PvP was at its best and most raw when there were absolutely no BG's and people actually tried to raid and kill faction bosses.
40 man dungeons sucked logistics wise but that difficulty in content will never be met again as the 25 man dungeons have too much margin for error.
I remeber back first doing MC and getting attuned it was fun because you got a taste of the lore. As the game expanded, to bwl, aq, naxx, tbc....I noticed I cared less and less about the lore and the bosses.
world pvp was destroyed with the addition of BG's and DK's.....and world pvp was the most enjoyable. Nothing motivated you to cap your level faster than when you saw a bunch of opposite faction level capped bad asses roll through and destroy everything.
There is just far far too much content in wow now.
I do enjoy 5v5 arena matches though as they can get pretty interesting dpending on the group make-ups
edit: All in all though wow was a very memorable experience with a decent pay-back when you finaly decide to quit. full epiced out, keyed, exalted faction toons sell upward of $1600