So having almost reached the end of the line (the end of the expansion) I think we can honestly say that Cataclysm has destroyed raiding, destroyed the server's community.
Gone are the days of 25-mans guilds, now most guilds are 10-man since it's the same loot and shared lockout, except you don't really need a guild, pugging works too...
...EXCEPT, players don't even bother, why bother? LFR means you can get the same loot just on slightly lower item level and sometimes different skins.
I've seen many older raiders who quit in WoTLK returning in Cataclysm for some action. They quit shortly after Cataclysm's release, the guilds fell apart. Even guilds that used to be strong in WoTLK (25-man guilds) either disbanded or turned 10-man. Was it worth it? Did the casualization bring back 2 million subs? I doubt it.