I think even a first time reader of the WoT should realize that "the damn point of all this" is basically that Rand & his friends unite the Westlands and prepare humankind (and themselves) for the Last Battle against the plottings of the Shadow or other factions.

In TFoH Rand leads his new army out of the Waste, defeats most of the Shaido, wins two of the main countries, namely Cairhien and Caemlyn (by killing a major villian Rahvin). Personally Rand becomes a more capable channeler through Asmo's teachings, starts to regularily hear LTT's voice (madness?) and learns the ways of the Aiel, especially through Aviendha (they also fall in love in this book with each other).

Besides that on top of my head, most notably: Moiraine and Lanfear "kill" each other. Bashere joins Rand's side. Egwene learns to become an Aiel Dreamwalker and falls in love with Gawyn. Rand announces to create an army of male channelers. Asmo is killed. Mat becomes more and more a general and builds the Band of the Red Hand. The Wondergirls, hunted by Elaida, are responsible for a war between the Prophet Masema and the Whitecloaks (Galad is with them), capture Moghedien, ally with Birgitte and find the Rebel AS. Siuan, Min, Logain, Bryne, etc. join with the Rebel AS as well. Fain gets his dagger back and corrupts Elaida a bit. Morgase & Co. flee from Caemlyn.

Sure, not everything is resolved, because this isn't the last book in the series, but a book in the middle of the series. There are new things and characters introduced. However, IMO there is definitely a lot of progress - besides the circus episode - regarding the development of the characters and the overall plot.