Everyone has motivations, and taking out religion deprives the author of the means of explaining motivations of characters through that prism. It might not be needed in a world where the divine is immanent in places and through avatars, and it seems like Jordan was perhaps initially thinking in that way, not only with the Forsaken, but also with the odd Green Man in the first book. However, he never really developed that idea and quickly moved away from it. I think it was a mistake. I can't think of other fantasy series that are bereft of religion the way Wheel of Time is, though I'll admit I don't read a ton of them.
I know that there is a whole theology/mythology to that world, but you wouldn't know from reading LotR & the Hobbit. When you have read the Silmarillion, then you start recognizing the names of the Valar in various Elvish songs or battle cries, but it doesn't really seem to motivate anything in the better-known works. You understand a bit better why the Elves are doing the stuff they are doing, why they aren't contributing more and why they are leaving Middle-Earth, but that isn't really a religious thing. Tolkien's actual deity doesn't seem all that different from Jordan's creator.
“Tolerance is the virtue of the man without convictions.” GK Chesteron
Inde muagdhe Aes Sedai misain ye!
Deus Vult!
*MySmiley*