Here is my take on the state of the game.
Basically, 1.2 is what the game should have been at launch. As far as content, Legacy and crafting go.
For people who game like Keg, I'm sure there is still some good content left, but for the more raid orientated player, there is about nothing to do. This new zone will last a few weeks, and then I'm sure it will be put in rotation with KP NM. Normally, beyond raiding, I love running Flashpoints (dungeons), but I'm so tired of the ones that are available at 50 in HM, that I cringe when I think about doing them.
Crafting finally seems useful for something other than Biochem, but give it a week or two and that will die out. The fact that set bonuses on anything other than the new gear doesn't transfer really stopped the boat on that in a heartbeat.
PVP is a mess, like it always is. I don't even really enjoy PVP that much, but for those that do, I feel sorry for you cause it's a complete disaster in this game.
What irks the hell out of me is the lack of content and then the gear. I get that you want everyone to have access to the best gear in game, and strangely I'm ok with it. But you should have to work for it. Not be lucky enough that you could possibly only have to run each HM once and boom, you're in full columi. Stats on gear is atrocious, Rakata is worse than Columi, and Rakata is the next tier of gear. I haven't even looked at what the new Black Hole and Campaign gear has, but I hear it's loaded with the unecessary accuracy stat.
On top of that, shit like the rewards from the Rakghoul world event, the boots or gloves, they are all light ****ing armor. Why would a anyone but an Inquis or Shadow pick those. Dumbest ****ing move by Bioware. Fix you social gear, and stop putting out bugged shit just to have it there.
It's like they have some really good ideas, and during the implementation process they go full reerun on pretty much everything. On that note, they had better get 1.3 out in a hurry. This game won’t survive another 3 months before 1.3 comes out. As is, Wookiee Crisps, and almost every other guild that I come across only has limited players (as in can’t form a 4 man group) any other night than raid night, We were 13 -15 strong, now if I see more than myself and maybe my wife on it’s a miracle. Lots of people are going to leave for Diablo 3, BW better have 1.3 ready to go or suffer.
TL;DR More content needed now, with rewards that have proper stats. 1.3 better be here within a month.