Zv of Destromath has an interesting argument on the forums -- he says that Blizzard has overextended themselves, and that by producing everything from trading cards to credit cards to WoW minis, the board game, and the upcoming movie (and he even forgot the FigurePrints and Dell deals), they've lost sight of what they should be working on: the game itself. While Zv does admit on the second page what Bornakk points out on the first (that it's not the same people or even the same company working on all of this stuff, and that the devs are still working on designing the game, not writing a script for the movie), there is still the same old argument here when anything goes mainstream and starts selling a brand: has the original material been neglected?
It's up to you, of course, whether you think that's the case or not, but there's no question at all that Blizzard is a completely different company because of World of Warcraft. Before this game, they were a popular-but-still-boutique games studio famous for just a few quality titles in even fewer franchises. But now, they're part of not one but two multinational corporations (one of which shares their name), and they oversee a global empire not just of rights and license releases, but of millions of players and financial interests all over the place. As Zv says, why are they making more deals for expensive swords when they still claim they don't have the manpower to let us use flying mounts in Azeroth?
The problem here is that you can't really second guess Blizzard -- despite the fact that you may agree or disagree with the decisions they've made, there's no question that they've got a successful game on their hands and that they've done nothing but make money with it. But though the Warcraft licensing universe seems to be growing at an exponential rate, we hope (and we'll find out, we guess, with the release of patch 2.4 and the expansion), that the core game is still as strong as ever.