A few of the destination realms have been destination realms before, too. Haomarush, Xavius, Ahn'Qiraj, and Burning Blade were all up for transfers a few months ago. Will it work out this time? Maybe. We'll see, won't we?
It's very interesting to me that Magtheridon-EU's transfers are specifically for the Horde. That's not something you see very often. It's also interesting that they're trying to get the Horde off of the server rather than trying to coax more Alliance on board. I suppose the Horde is just that dominant on the server that the overpopulation is specifically because of that faction, and losing more Alliance would be a disaster. It's home to Ensidia, which is a Horde guild, so I wouldn't be shocked if that attracted a lot of Horde attention to that realm (and drove away Alliance in return). Will this help that? Maybe!
Earlier today, Thundgot of the offiical EU forums announced a couple of free character migrations for EU PvP realms. The transfers are an attempt to move some players from a few overly populated PvP realms to some that could use a little help. These transfers are available from December 17th (yesterday) to December 23rd. The open transfers are:
From: Burning Legion, Drak'thul, Sylvanas
To: Ahn'Qiraj, Burning Blade, Xavius
From: Magtheridon (Horde only)
To: Haomarush, Zenedar