I wonder the same thing.
The current best raid content is Firelands. Dragon Soul is being scripted as we speak, and when it is done, it will be released as a full and complete raid, unlike raids we have released previously. This includes all bosses on both normal and heroic modes. We hope to have a more legitimate and fair competition to get the first kills for our community than what we've offered in the past.
Regarding PvP, as you can see by the responses on this thread that it is obviously quite competitive. PvP communities usually are, I guess, but drama always follows the topic of PvP around here. As for the skill level, I'm not one to judge, as I do not partake in it. However, if you feel like getting involved competitively, you can look forward to our arena season awards and invitation-only tournament at the end of each season.
You can find more information about those here:
http://forum.molten-wow.com/forumdisplay.php?f=211