I don't like the concept. My first experience with a setting was the World of Greyhawk boxed set and I liked the concept of showing a world frozen in one moment of time. Any developments were up to the DM, as the adventures, even the epic ones, such as The Queen of Spiders, did not invalidate the information there.
Subsequent versions of the setting advanced the timeline and created a metaplot moving the events from one direction to another -- probably the result of the work of different design teams along the years. The result is that the original box I like so much is now outdated by newer versions which, despite being very good, don't describe the same setting I liked in the past.
Overall, metaplots are ill thought. They lack consistency in the long run as different designers push it to different directions along the years. Is not much different from what happens with some comic book characters, in which they are very inconsistently drawn and written by different creative teams.
If I am looking for a setting, a prefer a reasonably complete one with interesting information but not bloated with details. If I want to read a story, I would do much better reading a novel. Usually, novelists write better plots than game designers.