I can only give you my perspective on the state of the game. I will be honest though, even though I have been playing this game since 2009 I feel a bit like an outsider on these forums because I just don't get all of the obscure references to the meta, the "Verna package" ,etc.
It is my opinion that the state of the game is weaker than it should be, but the potential for growth and life is still there. In the Indianapolis area, we have one store that faithfully stocks the game (two or three more that have a couple of older battle packs on the shelf). That I know of there 6 of us in the area with cards. I say that I know of, because I feel like there needs to be more than just six people buying battle packs for the store to keep stocking multiple copies of them.
That leads to the first problem I see with the game, there is not enough store support or company support to create a community. There could be more players in the area, but there is not enough support to get us all together.
The second and biggest problem I see with the game is that the barrier to entry is too high. Some of the best and most versitile cards are from the base set, but someone with just a base set is going to have a hard time going up against any of the decks I currently have. For someone to really get into deckbuilding there is a big back order of cards to get. People can not just get into the game and start deck building without a fairly good sized investment. I have taught this game to several people who all liked it and wanted to know how much a starter deck of the faction they liked cost. I wish they would release some pre-constructed starter decks that new players could buy so they could get going in the game. Along the same lines it would be nice to see some of the cards from previous cycles bundled together and sold as faction specific battlepacks, so for example I could buy a battlepack that had just the Empire cards from the first cycle. I think small moves like that would really open up the accessibility of the game and encourage new players to jump in.
As far as what decks are dominant, I can really only speak to where I have played which is the Indianapolis area and a couple of times in Louisville. It seems in general, there are two dominant ways to play. The first, which has always been reliable, is to rush. Orc decks are still very effective at rushing and new cards like vampire bats mean a good draw can lead to an orc win as early as turn 3 . However, Empire, Chaos, and high elves also have some rushing ability. It seems the other effective way to play is control. These are decks that seek to take away an opponent's units, hand, support cards, or whatever else so that the opponent can not do anything and get picked off at the controling player's leisure. Empire can realy control things through the manipulation of developments, dark elves can sap away hit points or cards from the hand, and Chaos can cripple an opponent with a first turn Sorcerer o f Tzeentch. The third effective way to play is to go for massive damage. The idea of this is to overwhelm an opponent with such a huge attack they can not stop the zone from burning. Reclaim the Fallen in Dwarf decks is still away to do this. High Elves continue to get more indirect damage options for this purpose as well. There is also a way to utilize Dwarf/Empire/wood Elf cards to get massive damage in one turn. In my experience, these decks are the most fun to play but if they do not trigger quickly they can be swarmed by a rush deck or locked down by a control deck.
It seems the one victory condition that is not yet really viable is decking an opponent. The Dark Elves have been given the most cards to do this, but it still seems to move too slow. The most recent cycle is finally making quests more viable, but it is doing so by radically redefining how a quest works. I do not think cards like Snolting Invasion were the original intention of how quest cards were suppose to be used. Despite that, I am glad that an often ignored facet of the game is being given some new thought and better included into the game.
Overall, I still like this game a lot. I track my plays on boardgamegeek.com and I have played this game over 100 times just this year. I will continue to buy the battle packs as long as they make them, and I will continue to play the game. So for me the state of the game is still fun, I just wish it was a bit more competitive.