As with any other setting based on a work-in-progress, the Wheel of Time setting comes with a risk to game masters. That is, if you run a game, you have to try to avoid creating situations that contradict existing, and yet-unpublished books while making the campaign interesting and somewhat unexpected for the players. What follows are some ideas on how you might accomplish this.
The Aes Sedai play a large part in the books, and given the size of their organization, it is entirely likely that there a number of groups of Aes Sedai off on missions for the Tower at any given time. In this campaign setting the players would be Aes Sedai (and perhaps Warders). The point level would probably be 150-200 points.
The border between the civilized world as our heros know it, and the Blight is a rough area, characterized by powerful city-states holding their own against constant raids by Trollocs, Myrddraal and even more unpleasant things out of the Blight. This could be rich territory for anything from a ``Monty Hall dungeon crawl'' to a one- or two-shot that set the characters up to lead large armies into the Blight to fight back Trolloc incursions. This would be around a 100-point campaign, with limited (if any) magic.
It can be dangerous to assume that a loose thread in the story will continue to dangle, but there are many details in the stories which the brave GM might choose to expand on and turn into a campaign. Included in these might be:
These would make decent 75-100 point games.
The Age of Legends ended 3000 years before the Wheel of Time books pick up, so there would be a lot of work involved in trying to set up a campaign then. On the other hand, it would be the perfect setting for a high-powered magic-based campaign, especially toward the end.
This might even be the topic of a later source book.
Throughout the Wheel of Time, we are introduced to group after group of Darkfriends. Heck, half the White Tower appears to be Black Ajah! With all that action going on, it might be interesting to run a game where the players were all Darkfriends, perhaps in service to one of the Forsaken (er, Chosen!)
This sort of campaign is self-limiting though, since the books will likely end in the overthrow of the Dark One's influence (for an Age or so).
The power level of such a campaign would depend on who these Darkfriends are. If they were Aes Sedai of the Black Ajah, then it would be about the same as an Aes Sedai campaign. On the other hand they might just be normal people (say anywhere from 75 to 150 points).
There is a group of women who can channel (of which many are very powerful) in the vicinity of Ebu Dar. They try to keep a low profile, but one could imagine them getting pulled into any number of odd exploits (perhaps against their will). The Kin tend to be less trained, but older than Aes Sedai, so they might be very skill-weighted, but about the same point count.
The Asha'man are a new group, and so they don't have a wide-ranging presence yet. Perhaps a game could be centered around training missions.