It's still a waste of time.
Maybe that's what you want, maybe not. I've always figured that you shouldn't feel like you're wasting time by playing games, and Blizzard has managed to repeatedly remind me of exactly this time and time again. I had a full account jam packed with various characters and builds that I'd spent months perfecting, and when I quit only two or three of them were still reasonably viable for upper level (+40) GR play. The rest of them had been "nerfed" by Blizzard, making the majority of those items worthless overnight.
Again, I know games exist to waste time. What I don't appreciate is putting in the time and effort for something awesome, then having everything change on me rendering those items useless. At that point, I can only raise my eyebrows and think "well, why did I just waste that time? It wasn't very fun doing it, and while the reward was awesome for a while now they've taken it away from me".
Don't get me wrong, RoS was pretty good and fixed a lot of the issues in the game (except for the new bind-on-account crap, which makes things like gold utterly worthless once you get Boon of the Hoarder and prevents other players from taking shortcuts). Something just started rubbing me the wrong way in the end. Eventually I found something better to do and stopped playing D3 entirely.
As far as the community is concerned, it's basically dead. You'll have some luck joining a clan and power levelling people and stuff, but pub games tend to suck *hard*. Unless you know people online, don't expect to have a good time- you'll probably land up grinding away in SP instead.
-SC