Definitely not.. But you've missed the golden age of WoW for most people.
The game in its current state is catering to casual play rather than the hardcore vanilla and Burning Crusade expansion.
Coming into the game now is easier than it has ever been. Leveling time has been cut down and made somewhat enjoyable. Your first time leveling will probably be one of the most enjoyable experiences ever, seeing and experiencing for the first time is amazing.
Gearing up doesn't take too long, but is rather monotonous. You gear up doing heroics (Heroic versions of 5-man dungeons) and receiving badges which are currency for gear. After heroic gear, you can move on to 10 and 25 man raids which drop gear relevant to the difficulty.
PvP in the game is very burst-damage oriented. Especially while you're leveling. Some classes have it better than others, as the balance isn't quite perfect.
You've picked a great time to consider starting.. All elements are in your favor, except the cost of expansions maybe