Classic raiding was pretty miserable in retrospect. Very content starved, often gated by bugs and intentional overtuning and was largely driven by insane requirements on farming and gathering and recruitment. I'll never forget some of the ridiculous things we had to do just to scrape by in Naxx 60. Far too much work for half-assed standstill bosses.
Modern raiding is an improvement in pretty much every way. Custom size/difficulty, little gathering, all specs viable and most importantly the bosses are night and day better. Cataclysm's issues don't spur from raiding, though. It's the world building and social content that's missing, it's barely an MMO anymore. People live in the hub towns entirely. Queue for dungeons, queue for PvP, get a summon from one person for the raid, buy things on the AH from bots.
They need to get their game world back. Static dungeons and raids can only last so long, even with more difficult and complex design. They go by even quicker than ever because of how powerful the interface has become and how few roadblocks still exist. That's ultimately good game design, but without a greater game world and anything to prop it up, it turns into more of a Monster Hunter, PSO, etc, no matter how good the static content is, you're eventually just going to get sick of this shit and they'll never keep up with demand.
I'm done until at least the next expansion, myself. Took me two hours to just completely throw my arms up during Firelands and logout. Hope they can get off of this troublesome course, but I somehow doubt it.