I have read lots of fiction including serious literature and I don't really agree with you definition of it. There's a lot of "literature that cuts across genre lines and raises relevant issues about what it means to be human" that isn't very aesthetically pleasing (although this is of course subjective) and should be read anyways because of the intellectual value of the work. What you're describing is Great literature and very few books that have ever been written fall under that description. So saying that Jordan's work doesn't qualify under that standard isn't a meaningful criticism to me since by definition that covers 99.99% of books ever written, many of which are a very enjoyable read.

On the character development angle, I that the five main characters (Rand, Mat, Perrin, Nyneave, and Egwene) have all changed a lot. That criticism is valid when aimed at the cast of thousands that surrounds them, but that's to be expected given the numbers, which in itself is part of the series appeal as an epitome of world building.