Heavens no.
The game is far, far past its prime. Although I'll admit the new expansion does look like it has nostalgic potential, Blizzard put out two sub-par expansions in a row (Cataclysm & Mists) and I don't believe there's much that's going to change that trajectory.
Sadly, a lot of the game's great content from Vanilla/Burning Crusade/Wrath is inaccessibe or can easily be blitzed through with a max level character. Which I suppose is great if you just want to go through and see the lore, but you'd be missing out on so much of the experience by doing that. They should really add classic servers to the game.
Also, it's addictive as you rightly mention. Too addictive. I have fond memories of playing WoW but objectively I would have to say that it ruined a large portion of the ~ 4 years of my life that I played it.
And I believe that many of the good players no longer play anymore. Although there's always exceptions, my old server is like a ghost town with few people who made the game great during BC still around.
If you really enjoy Warcraft lore I'm sure you can watch all the important cutscenes and stuff on youtube; and fill yourself in with major guild videos of the boss fights which are always well done. But as an experience, I'd probably warn against it at this point.
If you've never played before, it's still a solid game and there is some fun to be had. Just be careful.
