
It will let you reduce a secondary stat by 40% and put those into a different stat. The reforging cost will be the vendor cost for the item, and it can be done on any item from green to purple.
We also find out that the CoT: War of the Ancients raid will be introduced somewhere in-between Patch 4.1 and 4.3.
Head over to Gameplanet New Zealand to read the interviews with Lead System Designer Greg Street and Lead Content Designer Cory Stockton.

Links
GamePlanet.co.nz - Interview with Greg Street
GamePlanet.co.nz - Interview with Cory Stockton