Are the grand companies about equal in size among the player base? In my guild during launch I noticed I was the ONLY member of the entire guild that did not choose the Gridanian company... I've not checked with current guild (the old guild folded when everybody, self included, left the game. When I got back I discovered none of them had returned, and moved on). If there is notable GC imbalance, they need to start randomizing the matches instead of basing them on your GC.

Are the queues tied to level or gear rankings? Guild Wars 2 fixes its queues for PvP by having everyone who enters a match equalized. This is actually done that PvP there is actually about skill, and nothing else. But it has the side effect of very very very fast queues.

Guild Wars 1 had it even better - random matches - the first 8 people to queue got randomly assigned as 4 to one side and 4 to the other, equalized in gear and level, and tossed in. Queues were usually very quick - the game was a bit clunkier than modern designs though so not perfect (you essentially all entered a waiting area together and then begged the nearby guys to hit the button to queue, and once 8 of you had hit it - zap and in you went, it lacked a global aspect - each arena map had a different queueing zone, and the queue was only for those people in the same instance of that zone as you... so... they had one idea right but other ideas wrong because of 2005 limited budget tech).