To me, it still has some value playing the non-PvP content, so I'll stick around. For now, however, the PvP modes aren't even worth engaging in, so I'm just skipping it. Been doing that for almost two days now, and I'm sad to say, I actually enjoy the game a lot more when not playing these modes. The frustration is gone, and I can save both time and money, as PvP, for me at least, is completely broken and therefore not really a part of the game anymore.
I'll hold off on judging it completely since it's early days after the update, but if nothing changes, this is how the state of the game will be for me. And I'm fine with it, PvP is a closed section of the game, where it only really feeds into itself.
Farming and gearing still holds value, since the PvE modes are still fun and engaging.