1. Well, guys with over the top armor, shoulder pads and swords is exactly what ancient Sith, whom the Sith from TOR are clearly related to and are based on, where. In fact they prefered ridiculous fantasy-swords over lightsabers.
http://starwars.wikia.com/wiki/Sith_sword
Plus, the shoulder pads while big (and not even all are), are nowhere near WoW-dimension
So not everything you find bad, is necessarily WoWs fault. As much as you would like this to be the case.
2. The TOR era is not like the KotOR era at all. The Sith are a totally different thing.
In KotOR, Revan and Malak ruled unchallenged (and mostly as military commanders), with some dark jedi as elite-troops and the rest was a fairly common, streamlined and effective military machine.
In TOR the Sith have an Emperor, a council, many different splinter factions, who often hate each other with a passion, and are far more interested in self-portrayal, and showing off their wealth and power.
They are politicians, military leaders and governors, judges and executioners.
They are like a dark mirror image to the Republic, if the Jedi ever fell to the dark side and seized power.
Malak and Revan didn't care about luxury, wealth and comfort at all, it seems, while the Sith from TOR revel in those things (just look at the player ships). And why shouldn't they. They built their careers over years, through intrigue, bribery murder and so forth, while Revan, in the first place, didn't even plan to create an Empire. He stumbled upon the Star Forge, in his search of a way to save the galaxy from the Mandalorians, so he used it, and his Empire kinda "happened along the way".