I played in a Wheel of Time game on-and-off for 7 years. We used multiple different systems before settling on a conversion of Earthdawn. (for the record, Ars Magica, Earthdawn, d20, then back to Earthdawn) To us, d20 just didn't lend itself to heroic, yet somewhat realistic fantasy.
Our core party consisted of 4 players (2 female channelers, a wolfbrother, and a lucky roguish fellow) and some NPCs (a warder/swordmaster, a female wolfbrother, and eventually a barbarian horseman). Our characters came from an original society isolated from the main Randland...as such, the need to avoid Aes Sedai notice was even more important which worked nicely to limit outrageous behavior and massive displays of channeling might. Compound that with the fact that our channelers were not Aes Sedai; they had no oaths to check their behavior. The world has plenty of built in stigmas, traditions, and so forth to cause your players headaches if they don't obey them, so as a GM, make sure to enforce them. Maybe not enough so nothing can get done, but enough so channelers (and other troublemakers) are held to good behavior.
The thing I hear most when people talk about WoT games is that the channelers dominate combats...this was rarely the case in our games. Not that channelers weren't powerful, but it could be a slow process to first embrace the source and then get a weave off, while the other folks might already be on their second attacks. Not to mention GM tools like combat ranging through multiple rooms, the plot causing the party to be forcably separated, and so forth. I keep forgetting as well, in our Earthdawn conversion, opposing weave tests were not uncommon (trying to shield, trying to cut a weave, etc). So, while two channelers were engaged in a One Power contest of Wills, they were effectively out of the combat until one succeeded or some outside force acted on either participant.
Damage and healing are handled a little differently in Earthdawn, allowing for penalties when wounds are taken (instead of d20's system of being 100% effective until you are down and dying). Add in herbalism-aided mundane healing, recovery tests (think rolled recovery of hp 1-2 per day), and Healing weaves...so while combats could be deadly, there were plenty of healing options available to characters. Granted, a decent amount of rest was also needed after bad fights to rest up and heal normally. (we also kept true to the books and channelers could not Heal themselves) And keep in mind that things like Balefire are exceedingly rare and should not be a standard concern for your characters, nor should it be a part of their arsenal.
FYI, I also helped edit one of the netbooks Quillion mentioned.
Sidenote: if you still play d20 WoT, considering incorporating the new Luck feats in Complete Scoundrel for Lucky-type characters.