Um yes. I don't want the War Islands to get people so excited that they quit playing the rest of their characters because it can never compare.
Already we see people swarming realms that are at war and leaving in droves from those that are at peace. While this makes sense, it can be a devastating side-effect if not considered.
I'll reply to an old message, since this thread was just revived...
I have not seen war increase noble count. Maybe back in the days, but not so much noaways. D'Hara has a considerable noble growth for a while. Then we had war. We expected that more actual would mean higher retention and recruitment, but no. Our nobility count shrunk. And I've seen this happen elsewhere, too. Enweil was at war, it is basically empty now. Are you going to say because it's so hopeless? Riombara crushed it like a bug, sure aren't hopeless, and they lost a bunch of nobles too. Farronite Republic was at war for quite a while, and that didn't seem to prevent bringing it down.
More and more realms are shrinking despite being at war. The old adage that war makes things lively and increases fun, retention, and player count is just no longer true, if it ever was. If anything, war is when interactions decrease and when we leave things more to game mechanics.