Is relative. Seriously, it is. Time is actually affected by gravity (among other things) thus making it relative. But standing on planet earth time basically passes at the same rate for all of us.
Too much time. Not enough time. I'm bored, the day is going by slowly. Wow, this is fun, the day is flying by. I have HOW LONG before Cataclysm? That's not enough time. There is still a month to go, that's plenty of time. And on and on it goes, each of us feels time pass differently, even though the actual passing of time ON planet earth remains constant. For each there are factors that push us in one direction or another.
My Shaman and Priest have been at level 80 for over a year now, a year and a half or more with my Shaman. It's been 6-8 months for my DK, I can't remember exactly. For those toons, who I only use to earn gold and farm for BoA gear now, time is passing too slowly. I want, I need a change for these toons or both they and I will go absolutely crazy. But for Gronthe, my lovable Lock, who just turned 80 less than a week ago, time is passing by too quickly.
I feel sorry for those that have worked to hit level cap just before an expansion. It's a time of disquiet, not completely sure what to do or how fast to do it. Does someone just turning 80 before Cata try and earn as much of that fansy-schmancy gear that everyone else has been running around in for 9+ months? Or do these folk just wait to accept the gear they will earn via quests in the new 80-85 zones?
It's a tricky question, really, but perhaps not for all. Still, it's a decision that Gronthe and I am sure many, many others are dealing with right now. People still run plenty of heroics and weekly raids and there are still call-outs for fresh ICC groups, etc. Yes, people are still playing, moving on with daily life in-game as if no expansion is on its doorstep. And that's ok, I think. There is only so much someone can do to prepare for a new expansion. As this is my first time I'm not sure if there are standard protocols or traditions, but I've been doing those things that I feel are important. I know that getting my professions leveled as high as possible will be a good thing, I don't want to get too far behind.
But when it comes down to it, people who have a very recent max level toon needs to decide what is and what isn't worth their time. I don't think there is a right or wrong, it's all relative. For me, it's nice to earn a few emblem/JP items, but I'm not too worried. I will not buy ANY epic gear off the AH, just a few ilvl200 blues for cheap and nothing more. I'm playing the game casually, letting things happen because they will happen.
Time, it's a funny thing. It feels different for everyone, yet we know for a fact that there are only so many days before Cataclysm, and those days become fewer and fewer at the setting of each daily sun. Normally I'm not a big fan of relativism, I tend to generally think it's a sneaky way for people to justify stupid things, but in this case however you feel about the impending expansion and how it affects your currently gameplay, truly is relative.
May you do what you want, and not worry about the future too much, it'll happen naturally enough; it's not like we can stop it.