All right, been PvPing in Ilum for the last hour. Here's how it's going on Shii-Cho.
At first, relatively even numbers of Repubs and Imps were fighting around the central and southern bases. After some time, more Imps joined and pushed them back to the Repub base. Even with two and a half ops groups, we could not take out their 1.3 million hp turrets while simultaneously dealing with the ever spawning republic players. I can only imagine that a server with a 10:1 ratio could ever really achieve what was shown in that one youtube video getting linked.
As it stands, both sides are at a stand still. The Imps have pushed the Repubs back, a few people squeak by through stealth or trying their luck on an unguarded entrance/exit and move to the other bases. It's somewhat one-sided, but not the 0 to 60 valor machine people claimed. Most people have come to that conclusion and leave after getting their 30 kills (which requires tagging players. You can't just sit afk and get credit, even if you're in the ops group that does most of the tagging).
After about an hour of this, I gained 3/4 of a valor level to 31. I'm just not seeing it, and we're a pretty populated server.