Yeah, it offers some kind of middle ground. Random BG's give fastest honor and slowest conquest, Ashran gives middle conquest and middle honor, and arenas give highest conquest and no honor. Broken bones add something to your honor/conquest gain, but not enough to overcome the difference compared to arenas/random BGs.
For most purposes you are still better off with Random BGs and arenas. If you want to farm honor for gold or whatever, you get more out of Random BGs, especially considering that you get something like 500-700 honor now for a win. If you need both conquest AND honor I think BGs are still ahead of Ashran in efficiency.
After you have full PvP gear Ashran doesn't really offer anything besides progress on achievements and that stupid enforced 200 conquest bonus per week.