Coming from someone who got into Wow around the time Cataclysm released, I'd say no.
I say this because virtually all of the content before the latest expansion, in this case Cataclysm, is no longer being done. Which means you will be missing out on the Raids from vanilla, TbC, WotlK, and it will be an insanely long time before you are geared enough to raid Cataclysm. In my experience of course. By no means what I am saying is the absolute truth, I am merely saying what happened with my ~4-5 months with the game. The dungeons are rather... dull after so many times of repetitively running them, and I never got the chance to do some of the funner, higher level/difficulty content.
However, every server is different and your time with WoW may be significantly different than mine was. If you are curious, by all means go for it. Be prepared for a decently long learnnig curve of how everything works, and get ready to be booted from many a dungeon run for inexperience.
Growing pains of course. But the game was indeed a good time for how long I played.
It's all up to you at the end of the day.
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