I found Rand's downward spiral demoralising enough to read.

On the other hand, I agree that the Shadow has lost much of its menace. I'm hoping that in ToM, we'll see much more of Taim, Fain, Slayer, Demandred and Aran'gar, all of whom I still consider to be quality villains.

On the other other hand, think of the best case scenario for the Light - a unified WT and BT, Rand getting support from all the nations, all the armies acting as one, an alliance with the Seanchan (and an end to damane), the Sea Folk having no leadership struggle, the population of Tremalking still alive, no rampant starvation in the lands, normal weather patterns, rulers acting selflessly and in their nation's interest.

I see none of the above happening, at least on a significant scale. Rand's conquest has left a wake of destruction (even if he thinks he left the other countries better off, I have my doubts about that). Even if the Shadow is not winning, it is certainly not impotent.

Sure, some of the challenges faced by the Light come from good guys - but in the same vein, the Shadow is often weakened by its own followers or their faults. I think this is what makes WoT a compelling universe - nobody is pure evil or pure good, everyone is just acting in very human ways based upon their personalities, values and circumstances.