For my poor overloaded crafters this is a game changer. Poof and insta-bank and inventory space. The non-crafters don't need a reagent bank, and they gain personal bank space they never had because they were little pack mules for the "big guys".
Sort of a House Elves situation.
The big thing I'm seeing in general/trade chat is people are horrified by their new faces. I sure changed all mine to the un-updated models. (Shiver).
Shrugging off the yucky face.
To get your old face back: Game Menu/System/Advanced/Uncheck Show New Character Models
Blackwater Raiders had more people in Stormwind than I've seen since I first created a character there. Nice to see.