It is now here. The 4.2 Firelands patch. Pretty meaningful changes have been made and the last two days after the patch, two hotfixes has been released to tweak the implementation of the 4.2 update.
But what does it mean to you? Not mentioning all of the class tweaks, we have made a writeup of the major patch changes.

Finally it's here. Many of us have been waiting for the 4.2 patch to hit the servers. Some for raiding purposes, others for the new items and tier sets and some, like myself included, have really looked forward to the class skill changes and tweaks.
How about, for instance, the face that the rogue Hemorrhage ability base damage has been increased by 40%. Or take enhancement shamans. Stormstrike now deals 225% weapon damage, up from 125%.

As a rogue I can't help but to feel excitement to the fact that this will do a great deal for the class, if this change is kept that is to say.

And of course here we see one of the reasons these bigger patches are so expected and often, though far from always, welcomed.
Patches of this size have a distinct possibility of actually changing the game and it's mechanics. To the better.
However simple point, this is often forgotten or downplayed in the discussions of the new gear or raid releases.

The major changes
When it comes to raiding, we do of course need to mention the new one; The Firelands.
- Located within the Elemental Plane, the Firelands is an all-new 10- and 25-player raid featuring normal and Heroic difficulties! Battle-hardened veterans of the Horde and Alliance now have an opportunity to strike at Ragnaros the Firelord and his loyal servants by venturing into their domain via Sulfuron Spire in Mount Hyjal.
(Blizzard patch notes)

With the 4.2 patch all existing Conquest Points in the Currency tab have been converted to Honor Points. The arena count has been restarted and the possibility to buy the new armor sets have been opened.

In addition new Daily Quests has been released: The Regrowth and Molten Front
- A large assortment of all-new daily quests and rewards are now available in Hyjal, where players can help the Guardians of Hyjal push back the allies of Ragnaros and establish a forward operating base in the Firelands! In order to partake in the Regrowth and Molten Front daily quests, players must have at least completed Mount Hyjal up to and including the quest Aessina's Miracle. Once this quest has been completed, players should speak with Matoclaw in the Sanctuary of Malorne to take part in the Regrowth efforts.
(Blizzard patch notes)

Also a new User Interface Feature: Dungeon Journal
- A host of dungeon information is now built into the user interface via the all-new Dungeon Journal. This feature can be accessed via a new button in the Navigation tray from anywhere in the world. Boss background story, encounter details, abilities, and loot can be viewed with the Dungeon Journal for all bosses which have been integrated into the new system (this includes bosses for all Cataclysm dungeons and raids). Additional dungeons are planned to be incorporated in future updates.
(Blizzard patch notes)

Your oppinion
Discuss in the comments below or on our forums. What did the new patch do for you and how do you feel its implementation will affect your playing?

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Links
Mmo-champion.com - Mmo-champion patchnotes writeup
Wowinsider - Patch 4.2 hotfixes for June 29
Wowinsider - Patch 4.2 hotfixes for June 28

A walk through: Patch 4.2 and you