A needed change, but from what I've heard, a bit of an overkill. A 30% - 40% increase would have been enough.
But still, when I'm leveling and see people at max level after a few hours, it just makes me angry. Can't explain why, it just does. Somehow makes me feel like the expansion is over, see you in two years. The vast majority DOES like leveling in new areas and experiences new quests. They game can not be catered to those few hardcore raiders who don't (even many of then do).