I find it a success in that it made the end-game content accessable to a wider audience than the hardcore raiders, but it's also a failure in the way that it didn't have as much to the endgame that the Burning Crusade did.
In TBC, I remember being a level 70 and thinking that the level 70 five-player instances were tough (Arcatraz, Shadow Labyrinth, Shattered Halls, Steamvault), and I thought that only insane players would do them on Heroic mode. Even then, you had to grind different reputations to Revered to even get the keys to try anything on Heroic mode.
Nowadays, it seems you can just step off the boat and into any Heroic of your choice.
The success of the OS easy and hard modes being put into Ulduar will be nice, but I think there should be more to strive for than just defeating the same boss in a harder fight. It seems that we've hit the ceiling of the game too early. I'm hoping Ulduar will keep us busy enough until patch 3.2 (?) and 3.3 (Icecrown) come out, and I hope they will offer some more depth to the game.
For that matter, I'd like to see attunement quest chains come back.