I’m probably not the best judge cause I’ve been playing semi regularly since launch, but I’d guess it’s a really good time actually.
Long story short they’ve recently changed to a yearly expansion model with smaller scale expansions that tell more contained stories. The first one was pretty rocky, not gonna lie, but this new one is really good so far.
If you’re someone who wants to go through the entire story and catch up you’ve got a very long road ahead of you (up to you whether that sounds good or not), but if you wanted to get back in quickly the new expansion is a totally reasonable starting point I’d say. You won’t get a lot of the references, but I think you’d still get plenty of enjoyment being dumped in. I’m guessing it would feel like picking up a long running book series on book 20–there are lots of references and characters you don’t know, but it’s also doing its best to catch you up as a new reader and not expecting you’ve read it all.
Aside from story stuff, the game has had a bit of a Renaissance lately and there are a lot of new players from what I can tell.