It is still alive. You should have next to no wait as long as you jump around the matches. Most people don't stay in the same game mode time after time.
I have also seen alot of lvl 1's this weekend so there are a whole new batch of people coming in. I am lvl 29 and have played the first 27 lvls without boosting and usually don't wait more then a few mintues.
Now finding dlc map matches is a different story all together.
I have managed to play two new maps so far. Of which both I lost badly there were three lvl 50s.