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.