For players that played at launch but left some time afterwards my recommendation is to return now. If you are still leveling to 60 this event is perfect. If you are already 60 but quit before the expertise/umbral shard system was introduced there is no better time than now as the expertise system is in a sweet spot. If you were 60 and 600+ expertise but left the game then there is still plenty to get yourself back and familiar with and if anything start caching some chests (like OPR or PvE arena chests) to help rapid fire increase Greatsword expertise after the patch.
If you are a player looking to return and start over with a new character or are an interested player looking to start I'd recommend waiting for the patch. Why? Mostly because there are plans for fresh start servers where you can join a ton of like minded folks starting fresh alongside you. Also the level 1-25 experience has been entirely revamped: new quests and zones changed -- basically it is a legit new experience. Players coming back for a fresh experience will get to relive a launch-like experience all over (or for the first time!).
I have no plans to join fresh start servers and plan to stick to Castle of Steel and my daily activities along with exploring the new zone; PvP flag on of course!
What are your plans? Do you play every day like me or are you a returning/new player looking forward to the patch? Comment away!