You can do plenty, just have your own fun. You don't have to be on a council to have fun, that's just fun if you want to be involved in it. I've spent the majority of my time building my plot and I'm only halfway done considering I just finished the top half of my plot. That's a week of work, with some RP thrown in here and there. In fact, the main reason I even got on the council is because I was needed to represent my part of the district (there's one council member and 2 reps for each part of the district of Southshire, Market, Portal, the REDACTED guild hall, and one other place that I forget off the top of my head). I mainly got on the council and RP'd there by being in place to take advantage of the opportunity when it arose.
And even still, being at meetings is just for informational benefits. Until war and stuff begins in earnest, the most fun you'll have on the server is with building and having light RP fun with other players around your plot, or other people you know like me, Coolpool, Tolvan, and even Tirin when he gets on every now and then.
There's definitely plot points and story elements being revealed about the overarching game. The server is also in a sort of lull period, only because it's taking time for them to get DvZ back from the PMC people. As far as I know, they have it for a few more weeks, I think, then Rob gets it back and puts it on the LoM server. Once that happens, you can play DvZ which, for the one game I played a looooong time ago before most of the improvements and additions were made to it, it was really fun.
There's a lot going on, so if you have the time and want to be involved, get involved! Spend some time digging up granite, get your pay for the day, then go build some stuff on your plot in your district. You'll be glad you did.