In my opinion, yes.
You won't find a better server for PvE that has SoO released. I'll take staff's word for it that they are working hard on releasing HC/LFR (supposedly out later this week), and as such, will judge quality of work when its out. Still, this is likely the best realm for MoP in terms of PvE.
As for PvP... Work needs to be done. At one point in Frostwolf's history, it was by the far the best PvP realm for MoP players. Its gone a bit downhill, but I suspect (and hope) with a renewed focus on this realm, we can get back the PvP players we have lost over the year.
I still say you should level a character. If you find the end-game to be boring, you can spend your time elsewhere, knowing you have a level 90 to return to once things are better. If Icecrown's quality of scripting is anything to go, its only a matter of time before MoP will be at an outstanding level. Until then, we can only wait and see.