From what I've seen catching up on the last year or two the Amarr are getting more storylines, but don't forget to take the long view....the eye of Sauron CCP Plot focus will often change towards another faction for just as long. The Amarr had droughts on any number of 'big' plots that were simply dropped for years at a time for shinier stories. I think the Caldari were the last faction to get a extended lore love with all of the Titan-ing / Heth toppling public events a few years back. Matari/Fed getting short end of stick lately.
And don't let us forget: While it might be the point of the Federation that you have regular elections, the Empire is supposed to be ruled by one and the same Emperor for centuries. How did that turn out?
Yes, I know people who're rather pleased with what CCP had in store for the Amarr. Some seem more happy that CCP is doing anything at all, lorewise. I personally think that their writing is piecemeal work, mainly catering towards the changes in game-mechanics, largely inconsistent and forgetting of chunks of previous lore and all around not that great at all.
This certainly is a result of CCP putting little stock in consistency there, beginning with the people hired for the lore department. One saw that when CCP lay off Eterne. And while CCP Falcon has been putting some work into Lore/PF, it's no secret that he has strong feelings in which factions are the guys he likes and which he really dislikes. I personally think that's something showing in recent Lore/PF as well.
All that is on top of
CCP's definition of moderating the IGS is "punish content creators, ignore habitual rule-breakers"
What CCP would need is a dedicated Lore/PF team which they keep, develop and into which they put people with the skills to write good fiction, keeping a story consistent and for proper world-building. It's possible, there are traditional RPGs who've done it much, much better.
But for CCP there is no money in this, so I highly doubt that they will ever consider something like that. They'll rather continue the route that lead to taking down the EVElopedia and monetizing lore through publication of EVE Source. (It's kind'a saying 'I told you so.', I know, but when they published Source I predicted that they will take down the EVElopedia, rather then aligning it with that book - which imho has the prime goal of making money from those interested in the lore or just collecting EVE merchandise - as others predicted.)
No, I have zero faith in CCP there. Nor do I think that having Lore/PF in the hands of players. As Morwen says: I can't imagine without abuse of that power and responsibility happening.