There's a big difference as I see it between the Great Wheel and the 4e default cosmology: a cosmology focused around in-game elements of that universe such as metaphysical alignments, versus a cosmology designed from a metagame notion of 'the planes must be places to adventure in and if they can't be adventured in, they have no reason to exist'. One cosmology is centered around in-game concepts, the other around a set of precepts that don't have anything to do with the in-game universe.
To me, the World Axis Cosmology resembles the kind of cosmology found in various mythologies, without being a representation of any mythology. The Elemental Chaos is very much like the primordial chaos of ancient greek mythology. Also, the elemental chaos gives the elements a chance to mix.
The Astral Sea sounds like the kinds of explanations for what the stars are.
The idea of "another place" that looks like a twisted version of the real world is very old and I feel that the Shadowfell and the Feywild both do that concept justice.
That latter notion really strikes me as doing a disservice to making an immersive cosmology. It feels artificial, and seems to restrict many avenues of what should or shouldn't be in the game because of a 4e design law that everything in the setting should be designed to focus around the PCs. That seems to handhold in and of itself, because PC success and PC 'special snowflake' status seems to be written into the game as a primary point. I prefer to see a cosmology that exists on its own in a wider, more in depth universe, with the PCs accorded no special status by default. The planes exist independant of whether they want to or can survive going to one place or another to adventure in a more classical kill things and take their stuff manner. The PCs aren't mandated special status, the PCs make that status for themselves and they earn it, rather than see it as part of the design of the very cosmology surrounding them.
There seems to be two things going on here: the idea that the game setting be designed with PCs in mind, and the idea that such a design equals coddling the PCs.
Here is how I look at D&D, if you don't agree with this, I suspect you won't agree with anything else that follows: D&D is a game where the DM challenges the PCs to accomplish various tasks with different degrees of difficulty and complexity.
Thus, the game should be designed around the PCs. If the DM details an area of the world he or she doesn't think the PCs will visit, or even one he or she feels shouldn't be visited, then the time spent detailing it doesn't necessarily contribute to the fun to be had at the table, with the people who are playing the PCs. Now, it may be fun to read, without player involvement, or it might be fun to design, but it probably won't contribute to the fun at the table.
Personally, I've always enjoyed designing my own cosmology. If I include something I don't feel the PCs will ever encounter, I know that I'm doing it for my own personal satisfaction. The most such places will contribute to the fun at the table is a throwaway line where I say something like "The City of Glass once called itself Atlantis." The value of such lines shouldn't be underestimated, but I don't need to do a lot of work to come-up with them. Your milage may vary.
That such PC centric design equates to coddling is something I find curious. It's something I disagree with because I view the game as one of challenges. In my opinion, the World Axis Cosmology is dangerous in a different way than the Great Wheel. The World Axis is dangerous because powerful beings live there, the Great Wheel is dangerous because the geography is dangerous
and powerful beings live there. The interesting danger, for me, is the dangerous denizens, not the geography. The geography rarely ever played a significant roll at my game table because the PCs simply used very powerful magic or went to a more hospitable (almost spelled that hospital, bad spell check!) location of the plane like the City of Brass or the City of Glass.
I think both cosmologies answer the same question: how can we make a cosmology that resembles the kind of cosmologies we grew-up reading about, but are accessible to DM and the Players?