Beamer, you are making a mistake. Sanderson has breathed new life into what had become a moribund series. I have all of the books in first print (except The Great Hunt, alas), and have been reading the series since it started in 1990. After the excitement of the first 6 books, the crawl of the story in books 7 to 10 was hard to take, and my interest waned then. Book 11 was a recovery for Jordan, and he got the story moving. Sanderson took up the torch, and he has held it high. Very high. He got rid of a bunch of annoying side stories with flair and sensitivity, and focussed on the main character Rand for a change, and develops that character for the first time since his first foray into the Aiel Waste. Rand as the "brittle warrior" was getting, well, brittle. The Aes Sedai split story had been going on for about 7 or 8 books, it is now resolved.
The only thing I did not like was Sanderson's treatment of Mat, but he has received enough complaints on that point, so he is likely to deal with it before the next book is out.
The last book has not really been split in three. Jordan would never have been able to finish it in one book, as the amount of material that he left behind was massive. Because Jordan let the story wander so badly for five books, there is simply too much work to wrap it up in a single volume. Sanderson actually blogged on this and made a lot of sense. It will take another two books to finish it.
There is also no cliffhanger ending, but rather a good resting point.
You won't be disappointed, and this is coming from one of Jordan's first readers on this series. Go get the book now. The next,Towers of Midnight, is due in November of this year, and the final, A Memory of Light, is due in November 2011.