As you can see this is currently the only bug on the front page (sorted by priority) that is still unconfirmed.
Furthermore it is the fourth highest prioritized bug when looking at the Battlegrounds category on the bug-tracker
It is troublesome at the moment to try to create Rated BGs on weekdays, as, for some reason, it seems all North American players are on the Alliance, and all European players are on Horde. Furthermore, I can assure you that there is significant demand between guilds on the same faction to play against each other.
If you believe there are win-trading concerns, I assure you, PvP players are just as concerned as yourselves. We will hunt down the win-traders and report them consistently and quickly. This is besides the fact that to win-trade in Rated BGs, you need 20 willing participants, and a minimum of 10 minutes per game. It becomes very difficult to win-trade given these circumstances without other players catching you.
If we can have this enabled, you will likely see guilds queuing constantly against each other, and new guilds joining, knowing two teams are already playing. PvP players can finally have something new to do, after months without any new activities.
As part of the new changes to Warmane, we were told bugs would be fixed on a priority basis. I think the community has made its voice heard regarding this bug.
Please note: While this has been posted specifically in the Frostwolf thread, Cataclysm players are just as eager to have this enabled, with many of these votes coming from players on Neltharion. I hope we can get this fixed for both realms.