If you don't like the term, propose another. But like McGrath and Amos, I find it a useful grouping for music outside of the Euro-North American mainstream.
The BBC Music Magazine prints many fine reviews of musicians and their recordings under that heading each month.
For July, reviewed and discussed is much music that I would like to hear, none of it belonging to the usual Euro-North American cluster. Included are:
The Gotan Project and the cd Lunatico, in which tango's roots are explored by some of the best Argentinian and Parisian tango musicians.
Ojos de Brujo, devoted to the 'now' sound of Spain, a mix of music some call fusionista.
Descarga Oriental, music by an Algerian pianist and a Cuban percussionist.
Nour Ensemble, a Franco-Iranian group exploring a mixture of Gregorian plainsong, Spanish cantigas and Persian and Kurdish music.
Gwenllian, by Welsh triple harpist Lilo Rhydderch (a tradition kept alive by Welsh gypsies.
Sounds from a Bygone Age, music by Romica Puceanu and the Gore Brothers, Gypsy ghetto songs.

Last month, especial attention was given to music by some central Asian groups, as I remember. The term 'World music' is non-rigid, and covers much that does not fit the usual categories.