Personally, I rather enjoy Cataclysm, and the new MF/FL dailies.
I no longer raid, simply because of a bit of personal flakiness. Well, okay, I fill in on raids when they start begging, "C'mon, just one more DPS and we can go down Cho'gall" or "We need just a little more help on Shannox, guys".
But levelling is fun again. I've levelled at least one toon to level cap in each expansion - hunter to 60 in Vanilla (and 70 in BC), a priest to 70 in BC (and 80 in Wrath), 2 paladins and a shaman to 80 in Wrath (shammy is 83 now), and a mage, paladin, and druid in their 60s who were rolled the day Cata dropped (I plan on finishing them eventually
) Levelling in Cataclysm is more fun than it was in any previous expansion - yet, amusingly, those classes that were OP in levelling previously are no longer absolutely eating the environment.
Yup - it's not as easy to level. Paladins used to be able to solo any non-dungeon quest in the game, even "group 5" quests, while at level. They can't now. They can solo "group 3", but not 5 - but that's okay, there's always somebody levelling in the zone now, and willing to help.
The new dailies - nowhere near as mind-numbingly boring as the Isle of Quel'Danas. More entertaining than the Argent Tourney, even, which AFAIK was the introduction of "random" dailies. Yes, it's a grind. But so what? It's a randomized, branched, treed, gated grind that gives you more rewards as you hit thresholds. It's about the best design any game has come up with for this sort of content.
Don't be all rose-lensed-glasses about the past, y'all. Vanilla was BRUTAL. BC was HARD. Wrath was too damn easy, just about all the way around. Cataclysm isn't as easy as the mindless aoe of Wrath, but isn't as soul-destroyingly difficult as BC or Vanilla.
This is the best it's been, difficulty-wise. Hard enough that my DPS doesn't go up when I'm asleep (yes, it happened back in Wrath - I lost nearly 1000 dps when I woke up!), but not hard enough that one person moving at the wrong time doesn't wipe the raid. Everything is recoverable from if only one or two people screw up. When 40% of the raid/party screws up, that's a different story, and was only recoverable from in Wrath. :P