As a new (returning) player with a city just entering chapter 4 and beginning to have the option to build AWs, I read this thread with interest.
A little about me and my fellowship: My fellowship achieves 8-10 tournament chests on average and generally gets bronze or silver on the spire. I haven't been able to find a resource that lists the prizes in each chest, so I don't know how many RRs (including blueprints) that translates into, but I'm guessing 4-11 per week assuming I convert all my blueprints. I have the hive set so I make 400 spell fragments per day, but don't have any other buildings that produce spells or CCs. My MA is level 4, and I frequently craft CCs. My fellowship has the Knowledge Sharing Perk at level 7, which means a potential of around 100 or so free KP in somebody's AW per day, depending on how active my fellows are.
Although I don't plan to do anything in a hurry, I am thinking about the cost/benefit analysis of AWs (in general, recognizing that specific AWs may be more or less useful for specific styles of play or at specific levels).
My understanding of the "costs" of AWs are as follows:
1) Runes, which are primarily acquired during the tournament but may also be acquired in events. This does not appear to be a limiting cost as long as one participates regularly in tournaments
2) KP from the KP bar, from AW instants, or from donations from fellows (including donations from Fellowship Perks)
3) Space in the city based on the AW footprint (this is an opportunity cost because I could build something else there)
4) Spell fragments, RRs, and combining catalysts to upgrade
5) Increased troop/catering cost of tournament and Spire encounters based on AW levels
For me as a new player with a small city and less buildup of resources, the most salient costs are 3-5. I'll get sufficient runes/rune shards and KP from the tournament to build whatever AW I want. Space in my city and cost of difficult-to-obtain spell fragments, CCs, and especially RRs are going to be my biggest concern. I need the meager amount of spell fragments and CCs I acquire to meet event and season requirements to gain/use CCs and produce vision vapor. I don't have the option of placing and selling expiring buildings or defragging from my building inventory because my building inventory is extremely limited -- I mainly defrag buildings when required to complete an event quest. I'm also not excited about increasing the cost of tournament encounters I need in order to acquire a stash of spells and make progress in future tournaments.
Neither of the wonders I can currently build have benefits that are sufficient to be interesting to build given the above factors. I don't see that changing until at least chapter 6 or 7, and quite possibly not until chapter 8 or 9 (when Mountain Halls, Golden Abyss, and Blooming Trader Guild, for example, might start to be attractive).
In general it seems to effects of this change have been to push the cost/benefit ratio of AWs much further down the path so they have become beneficial mainly to very advanced players and cities -- which I think is the opposite of what the developers stated as their intention.