Although I'm trying to keep my optimism up for the game taking a turn for the better, I'm quite solidly on that same Warship.
I've been growing a new meta here in Finland since late Spring 2012 and I pretty much have to sign everything Twn2dn said. To make the situation worse, it's problematic from both the point-of-view of new players and old ones.
For new players:
The game is really hard to get new players into at this point, and the Restricted list just isn't doing enough of a job in curbing down the power creep from a bloated cardpool. The amount of cards you would have to buy to make a decent deck is just getting way out of hand.
To make things worse, the Core Set doesn't seem to be working as an ideal starting point for the game, since at least around here new players have been wanting to start off just by playing with a single House… so a good portion of our players have actually started off just by buying a Deluxe-expansion for a House and borrowing/proxying House cards and Valars into those. Essentially making them work like 'House Starters'. Oh, we've also been doing splittings of Core Sets, to help with this, but that takes quite a bit of coordination.
Once our new players have started to realize the sheer amount of cards both available and needed to create a suitably competitive deck, it has seemed to put a damper into their enthusiasm with the game.
So, in order to balance things out, we've been running a League with a cardpool of only the previous two cycles (and all Deluxe Expansions). The results there have given pretty similar results to what Twn2dn mentioned. If anything, the 'power' cards tend to shine out even more (you know, Manning the City Walls with Viper's Bannermen and all that jazz).
For old players:
As the cardpool has grown, the meta has started to become almost glacially slow, so you're looking at the exact same builds that have been around for several years by now. Seeing those very same power cards time and time again has really turned me off the whole competitive side of AGoT, really. I just can't force myself to build yet another deck with that 'best of' cast of cards, or include all of the tech I'd need to have in order to even have a chance of standing toe-to-toe with certain competitive builds. That's just… so boring, right now.
So, while I'm having a decent time playing odd Shagga-like builds with cards of days gone past (gotta love the good ole' King's Landing Cycle), mainly fuelled by House of Dreams providing some decent support for thematic builds… I'm pretty disillusioned with the game as a whole and expecting the next Cycle to just bring a few more power cards to existing decks, while not containing enough support to make the new themes really viable.
Star Wars vs. Netrunner
Star Wars just fits my feeling of what is 'fun' much better than Android. And there's some really nice design decisions in there, like the way you're not forced to hunt for card advantage like in N+1 other card games or actually having incentives to run sub-optimal cards. I can see myself really getting into the game once the cardpool starts expanding a bit.
What I think could be done to keep the game interesting?
The game really needs a shakeup. One way or another.
As the first solution I would prefer some really heavy handed restricting of power cards. I mean 'gloves off' style restricting of many of the staples and auto-includes of competitive decks, like Twn2dn suggested earlier already. From Kings of Winter/Summer to Tin Link, Hatchling's Feast, Melisandre, Knight of Flowers, Manning the City Walls, Wintertime Marauders, Meera, Refugees, Distinguished Boatswain, Long Lances, Maester Wendamyr, Threat from the North, Rule By Decree, The Power of Blood, Golden Tooth Mines, Retaliation!, Game of Cyvasse, Knights of the Realm, Meraxes, Valyrian Steel Link… etc. The most important thing is that we hit all houses and all powerful competitive builds. Then we can let the meta start stabilizing and see what happens.
NOTE: The list I provided is not a suggestion, just an example of what level of restricting I'm talking about.
Then, if that isn't enough, then we'd have to start thinking about rotation.
And yeah, I have a feeling that looking at rotation would still probably be necessary.