There is no diversity or sense of adventure. Moreover, having tons of players confined to one small area is a bad idea. Timeless Isle is nothing more than a re-worked Stranglethorn Vale with mostly existing WOW models dropped on them with bigger Health. I would rather level another toon then mindlessly grind Timeless Isle.
Personally I would of taken a page out of Wintergrasp and Tolbarad to allow the winning faction access to the bigger more valuable bosses/NPC's. The other items can still be there to farm...but to the winner will go the spoils :-)
Unfortunately, I am not the only one that feels this way.