I can see only one legitimate reason for the population cap / queue times being what they are. If they have lowered the population cap for each server for pre-release, so as to insure that after release, when they raise the cap on every server there will be room for people's friends to join, then I'm okay with it. I have 5-6 friends that are seriously considering joining me, and they obviously would want to be on the same server as me, and I'm sure many other people have friends who might play as well. A buffer zone to insure that there is room on the server for such latecomers would actually be really nice.
I just hope that's the cause of this issue, and not something else.