Blizzard didn't have to make one of Jade Forest crew a Draenei, but they did. They didn't have to have half the ground forces at Lion's Landing be Draenei, but they did that too. They also didn't have to have a random Draenei questgiver on the Isle of Thunder (especially since the Draenei lack any established connection to the Kirin Tor). So while the Draenei might be a little overdue for a story focused on them, it's not like Blizzard doesn't acknowledge their existence.
Anyways, I would expect the Blood Elves and Draenei to be updated last. The Dwarf, Human, and Orc models could potentially be implemented as early as 5.4. Garrosh likely uses the new Orc skeleton, so we know they are making progress on that front. While it's possible Blizzard might update them all at once, I think it's more likely we'll see them updated in batches of 2-3 races, with Blood Elves and Draenei being in the last batch.