It looks like Blizzard agrees, as Zarhym recently revealed that they plan to revamp it. Of course, he had no details or time frame, but that's par for the course for Blizzard.
As to how the revamp should go down, Insider Trader actually recently discussed some ideas. Myself, I'm in favor of the minigame approach. If Popcap can import Peggle, you have to figure it's possible to set up a pretty robust fishing mini-game in WoW. Of course, if all else fails, they could always just let us actually use a Goblin Fishing Pole.