So, the big highlights for this patch seems to be:
a) You can now do multiple sieges per day. From what I've gathered, in addition to regular siege, you can declare war against another guild of your choosing. If they accept, you have a siege war against them, but no rewards.
If you receive a war declaration for siege, you won't know which guild it is until after you accept. But once you accept, you can de-register and find someone else to war against instead. Forgot the starting time for the "regular" siege though, if anyone is kind enough to remind me again >.>
b) New bag stats are unbound, just like Chrysalias, so WOOOOTT. Strangely, these "new" 129/129 stats are still "XI" rather then the XII that was expected. So not sure if they will stack with old XI stats from Merhdin. Also, as a level 77 farming 80 mobs, bag stats seems to drop everywhere. Its a paradise if you have any spammable AoE's, and you can expect lots of scenes like this:

Although 99% of the stats that dropped for me were junk hybrid stats like Str/Wis. Could just be my bad luck though.
PvP Gear with Honor Points: For 12k - 20k Honor Points, you can now buy PvP gear from vendors in OS, Mercenary Square, which are in front of the old Honor Point vendors. Includes Accessories and all gear pieces. They have HP/Crit resist/Damage Resist on them. I guess this could be the reason that they capped honor points at 25k, though imo, unless you have the resources to fully plus/stat 2 sets of gear, this is probably not that useful anyway.
Complete Knight Revamp. Assuming that there are still Knights left in this game, lol.
New currency bag. Basically, right click the currency with your mouse, and it will enter your currency bag, which displays how much of each currency you have. Phirus Tokens not included, though can't say I'm surprised. Definately something people have asked for, and I'm glad they've listened.
Ability to upgrade Titles: According to Yoman, you can upgrade titles not, not including siege titles/event titles. Upgrading adds attributes to titles.
Only problem is, as far as I know, there is no way to take currency out, and whenever you obtain currentcy (either from drops or mail), it will go into the new currency bag. There goes my eeeevil plans of getting rich with Proofs and buying my new staff with it, since you only get one chance to sell it on the AH now.
Unfortunately, EoJ has been nerfed into oblivion (for the second time...). Most public event quests give 50 points now, rather than 300-400.
The Zone:
Imo, this is probably much better designed then Merhdin, at least the zone itself. I haven't started questing yet (only did half the quests in Merhdin before I hit 77, so might be awhile before my Morrok line gets to Srybal), and I've only walked across the zone once, but the zone seems to have a lot less glaring issues then Merhdin (Bingo mountain, AoE's not working at all in Korum Dome, mount animation broken when walking over certain places, etc.)
Also, came across a zone boss while exploring, was un-attackable and did not aggro when I got close. Could be a possible worldboss thats either bugged or an be unlocked somehow by questing.
The only past of the zone I dislike is the area near the new instance. Lots of fog, couldn't see anything, and massive lag hell.
And there seems to be a bug with the character portrait. It now shows your neck, rather than your toon's face. Was fun staring at my neck.
So Overall, I think this is a much better patch than the Merhdin Tundra (which was a catastrophic failure beyond belief). Some changes I definately hope will be undone (EoJ, honor points, having 100 million million sieges with pretty much nobody in every siege). I'd give it an 8/10.