I have to admit that I don't enjoy the event all that much. Waiting times can be long, and the encounter itself is boring. It looks like gear (cloak, dragon pet) is the sole motivating factor to do this. Also, I can't help but wonder about the intention behind the event's design:
Is it aimed at casual players? Boss difficulty and general loot quality clearly point in that direction. But casual players have more difficulty actually getting a kill (as they are less likely to figure out how the spawn timer works, probably won't tie the timer to a bot, etc etc). And also, why is there a legendary reward for casual content?
Or is it aimed at hardcore players? The quest reward sure looks hardcore. Also, the player cap / spawn timer problem benefits well-organised guilds. But in terms of boss difficulty and general loot quality, this about as far away from hardcore as can be.
In the end, people will be do the world boss content for the loot, but I can't imagine anyone will be terribly happy with it a few months into the events.
(Note that all of this applies to PvE servers only, I can imagine this could be more fun on a PvP server.)