Never mind lore. Aren't Blood Elves about a third of Horde characters? Unless factions are dissolving completely, faction changing that many players during prepatch would break so many guilds and leave the accounts of people not currently playing in a state of complete fuck.
How willing are people to invest in a game where you're supposed to work together with a team of players over a long period of time but the developer can pick you up and plop you on the other faction overnight. Blizzard server swapping players for technical or whatever other reasons would have the same effect.

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