I see what you're saying, Ghostie. It has been a pretty slow season. But I think it IS all about regrouping; the losers are licking their wounds and rethinking their strategies, rebuilding their armies, etc. That said, there have been plenty of opportunities for action that weren't taken advantage of, but I'm thinking they're going to pay those off in the next two episodes.
Like with Tyrion, his father and Joffrey. Something's gotta give, and we already know that while Tyrion may be bound by duty, there is a limit to the amount of bullshit he'll put up with, and the worse Joffrey and his father ride him, the more likely he is to set his bodyguard buddy off on a little errand, if you catch my drift. And I think there's going to be a blow-up between Mormont (Khaleesi's bodyguard/right hand man) and the new guy who showed up on the last episode, the one who pledged his heart to the Khaleesi. Mormont's already in love with her, so I'm thinking there's going to be a good deal of chaffe there.
Right now, though, the bits I find most interesting are the ones with John Snow and the freemen prepping to attack The Wall. I like that character quite a bit, and I love the fiery red-head chick he hooked up with. Aside from Tyrion, he's the most disrespected character in the show and it's only a matter of time before he does something that makes people see him in a different light.
My two cents.