That sense of "Wait, but why...?" was one of my biggest gripes about The Eye of the World as well. Readers spend the entire book wondering what The Eye of the World is until finally, around chapter 42, Moiraine starts talking about it. Only, she won't come right out and say what it is, and her grand plan is infuriatingly hand-wavey:
Meanwhile, everyone in the group is content to follow her like lemmings through the Ways, and it isn't until chapter 50 when Mat finally asks what the Eye of the World is.