Err... what? During OFF hours, as in 3am, we have 150+ on fleet. During peak hours, we will have 3 fleets, all of which are nearly full so that means 750-900 people. Not to mention the amount of people still in warzones or out leveling. Also that doesn't include those doing Operations such as EC, which will have about 25 or more instances.
At least on my server, the game is as lively as ever. I can go to any planet and see ~50 people there. I know when I created an alt, the starting planet had near 100.
YOUR server may have that many people, doesn't mean ALL servers have that many. Also, nearly 100 people on a starter world? F2P to 15 will help inflate those numbers. As for 25 instances of EC, that must have to do with lower populations allowed inside. There weren't any more than 3 instances of EC going a couple weeks after the mergers happened.
As it goes, I couldn't tell anyone how the game is right now, at this very moment. What I CAN tell you is that, as of a month ago, next to nobody ran Rated WZs and people were burnt out on running the same 4 bosses on EC. All told, there's still a serious lack of content development. IF Bioware can stick to putting out content every 6 weeks, that MIGHT change. However, I'll believe that when I see it. They promised new content "month after month" before 1.2 dropped, and we saw how that turned out.
I should add that last night as I was finishing up Nar Shaddaa I noticed that there were quite a few people in chat who were new. They didn't have legacy unlocked yet and didn't know much about the game mechanics (proven by their questions). One person mentioned they just joined a week ago. So the game is still attracting new players.