I've never been sympathetic to the whole "content drought OMG" argument. Just quit the game for a while - that's exactly what'll make droughts less likely to happen anyway: Blizzard realizing that unless they give out content, people won't stay subscribed.
I do agree mostly about the rest of your post though, I don't really mind Pandaren much (but not a fan either), but there was too much focus on them and the Asian theme compared to how much previous and later expansions have focused on their themes.
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Sub drop started in Wrath, and has been more or less consistent since. My point wasn't that MoP was perfect, but that if "content drought!!" was the biggest problem they could point to, there wasn't much to actually complain about.
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I don't think many blame WoD's content drought (ie length of time between content releases) for it being a poor expansion, which is exactly what my point was.
That said, a lot of people do talk shit on just how little content WoD had and how little the patches added, which is a different argument altogether. Little content always = uninteresting to play always. No content for a period = uninteresting to play for a short period. Wanting to not play the entire expansion isn't great, wanting to not play for a period of time at the end of the expansion is fine.