A bit of both, but more leaning to 'I was expecting more'; especially after the talk of 1 million people, or the stories of how many went to the Queen Mother's (which most definitely got a hugely inflated estimate of numbers). I expect that a lot of people might have queued for 4 or 5 hours but, you know, have lives that don't allow them to stand outside overnight or get dumped into central london at 3:00 am to try to get home to the shires.
As daft as it sounds, some kind of terraced walkway three levels high would have massively increased the number of people the site could handle at one time. There was room for it and them.