Blizzard's announcement to make this weekly was rather misleading. At first it progressed at the same rate as 9.1 previous Shaping Fate weekly, but doing it twice a week would have felt terrible. They made it a weekly quest which is good, but it seems they have massively nerfed how much progress each objective gives you. Shaping Fate was also a weekly quest but was able to be easily completed in half the time and effort. As more dailies and activities become available maybe this will become alot faster, but even with flying unlock this is gonna be alot of work to do on your alts.
[EDIT]: The rewards are rougly tripled, while the old version would have you completing it 2 (and rarely 3) times per week. The net gain is actually way better over weeks/months for the time and effort spent. Considering how easy flying is to unlock, this is going to be much better than it first appears. It just feels a little bad at first. Always make sure to kill the world boss, it is by far the easiest way to get the first 20% done quickly.
Updated Rewards:
1 [Tribute of the Enlightened Elders] 400 [Cosmic Flux] 2[Anima Matrix] 1 Random 239 Armor piece and 160 [Cyphers of the First Ones] and 2445 gold