I'm really disappointed if the Theramore scenario is the only thing Blizzard has planned for the pre-release MoP event. To be honest, I would have expected much more considering the amount of subscriber loses they have taken in the past 3 quarters alone. The scenario itself is fine, considering they are going to do it anyways there is no point in complaining about it. But where is the build up? Story wise there has been no REAL Alliance/Horde conflicit in Cata leading up to MoP, the expansion they claim they are trying to bring the WAR back to World of Warcraft.
Also consider we have not had any new content since the release of 4.3 last November, and they have canceled Blizzcon this year for similar reasons. It has been stated that they could have done a big sea battle event prior to the release of MoP, but they decided to instead work on "new features" for the expansion instead. This is a pretty lame exuse considering that all of their previous expansions have had a pre-release event and for the most part have been extremely succesful (save for backsliding in Cata).
Now if all we were going to get from 5.0.4 was the Theramore scenario prior to MoP release, I really don't understand why we wouldn't get it until a week before its release. It makes more sense if they were going to incrament minor outpost conflicts and major capitol attacks leading up to the last week of having the scenario that culminates in the destruction of Theramore. But without all that, it just feels like they took story that was intended for a later part of MoP (5.1 or 5.2?), scaled it down to lvl 85, and are throwing it at us so we can't say they didn't do anything at all.
I have been playing since a couple months after Vanilla released and overall have been happy with this game. I have enjoyed every event they have managed to cook up. I'm not going to go all rageface here and say "GG Blizz you just lost another sub!", but they are risking a lot here by saying "Look, we can't give you an awesome pre-release event this time, because we are making the expasion even more awesome." It is quite the razor's edge they have put themselves on if MoP isn't well recieved, because everyone is going to be asking "If this is all we got, then why couldn't you have even slapped something together for the end of Cata?!?"
All that said I'm excited for the new expansion and seriously hope it doesn't prove to be a horrendous let down considering the time put into it.
Take in note that a lot of PvP ended in Wrath (due to teaming up to take down the Lich King) and same as in Cataclysm, Alliance and Horde we're still enemies, but not all "let's go bomb this city" which is what is happening with the whole Theramore Isle event; which so happens to stir the PvP back up, and by the end of this expansion (I think) the whole Alliance-Horde conflict won't be as serious as it was back in Vanilla/BC but while MoP plays through, the conflict will be pretty high up. Then, once again, Horde and Alliance team up-ish to make sure Garrosh dies and such.
If anything though, I'm a little disappointed with the reward horde gets, a mini-mana bomb, c'mon now. Always I found when I looked back at the events (never really experienced any of them) I always had that feel "Man, that would've been awesome to experience" but you cant anymore. The only thing that has me thinking this is lame is that you'll still be able to do it at level 90. If it was September 18-24 or 25 or whenever, then never again, that'd be cool.