Yes! This is a great move. All the players worried about the community: I seriously doubt the main pvp realm will see a hit of more than 1-2k players. Which still leave 5-6k online at peak times. But the pve realm will bring in a whole new group of players that missed the first server launch, or simply never tried nost because they didn't want pvp.
Most people who have already spent time on the pvp realm won't reroll and wouldn't transfer anyway. The staff's goal with the new realm is clearly to bring in even more players, not split up the players they've already got. If they wanted to split the community, they would have offered transfers. However, they are doing a FRESH server release. It's brilliant because denying transfers is the best move for keeping the main realm highly populated, while allowing new players or those wishing to level alts a place to play.