The 480 ilvl hurdle does its job in increasing queue times as well. Right now we are in a stale - casuals/quitters have too low ilvl to queue for it, heroic raiders aren't interested in 502 ilvl gear. That leaves fairly small group of casuals with 480+ and normal mode raiders that still find upgrades there. At least its not 486 like first PTR build, that would make those queues like 3 hours lol.
FWIW.. you really have to queue for LFR on Tuesday, the groups are much better. I did LFR on my main (druid) and we only wiped once on trash (bridge of death), and then healed it as a disc priest and we never wiped at all and really had very few deaths.
I can´t remember what my queue was on Tuesday on my dps, but it popped before I finished my dailies on thunder island. Also remember that you can queue for scenarios and heroic dungeons while you are queued for LFR.. it holds you spot in line.
It's new, and with most new things, people do them RIGHT away.
Since most people probably don't have multiple 90s with 480, not as many people can queue for them. And also if everyone queues at the beginning of the week, not many people will queue at the end of it, usually.