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I'm not sure if they have a new developing staff or what, but they seem to have lost some of that innovation they were known for in the past.
They just didn't produce anything new and exciting for cataclysm. The game probably peaked sometime in Wrath, but wrath was a faceroll fest. Burning Crusade was excellent fun and Vanilla had a lot of things missing now with the game. Social aspects, world pvp, etc....
Cataclysm I thought was done pretty well overal, quests were fine and everythingl, but after 7 years you have to introduce something more than the same old and they failed to do that.
Tol Barad, 2 new battlegrounds that are not original, then they took the easymode dungeons and made them even easier. So it's once again boring.
I don't raid so maybe raiders are still enjoying it more than I am.
I've been concentrating mostly on my professions now, I probably won't be going anywhere as I'm a WoW addict, but the endgame in WoW is really bad right now and if they don't release a lot more content I predict and even bigger exodus. 5 years of the same BGs will drive you insane and running the same dungeons over and over again is fun for only so long....
I hope Blizzard keeps WoW going because it's still a great game.