The problem with f2p WoW is, that it's probably turning off as many potential subscribers as it is bringing in. If WoW wants to keep its subscriptions model for a few more years, it needs to get with the times and offer a viable f2p experience for new players. Sure we get a lot out of it, but twinks aren't your typical players.
If I were a new player, based on the current f2p experience, I wouldn't subscribe. I'd play another, more modern game. Don't get me wrong, I love WoW, but Blizzard is not putting its best foot forward with f2p, instead it's highlighting the most broken aspects of the game to potential customers. You wouldn't show a girl your hentai collection on a first date, likewise, WoW needs to clean up it's act if it wants to propagate.
I think Blizzard is focused on triage and keeping long term players (like you and I for example) and trying to fix end game so we go back to that. If Blizzard even somewhat fixes end-game most of the good players will go back to their cash cow. I doubt they care about new players now. They can get those after they stabilize.