From Turbine AC Site:

New Functionality and Content
We've added a number of new allegiance tools such as allegiance officers and allegiance account bans.
We've introduced part four of our ongoing treasure revisions.
The ranged attack slider now has a 40% penalty at maximum speed.
The Palenqual's Living Weapons quest has been revised.
We've revised the following features of a number of towns: Lifestone locations, portal drop locations, Meeting Hall locations, the spells sold by Scriveners, and mundane items sold by vendors.
Allegiance bindstones can be found in towns, but are not yet active.
Miscellaneous Changes and Improvements
Artwork for the sixth character slot has been added.
The paperdoll in the Inventory Panel has two new slots for your character's pants and shirt.
The icons of imbued weapons now have unique backgrounds.
The durations of most negative spells have been changed.
The Heal and Revitalize spells have been improved.
The Defender and Lure Blade spells have been tweaked to resolve a discrepancy between their effects and their descriptions.
Two new commands can be mapped to keys: Closest Unopened Corpse and Next Unopened Corpse.
Several types of Portal Gems are now stackable.
The Spring Cleaner title is now granted by Arcanum agents instead of Town Criers. If you have any of these tokens and wish to receive the title, do not hand it to a Town Crier! The Crier will keep the token and you will not receive the title.
You can now map Toggle Crafting Confirmation to a key.
Crafting chance of success no longer displays if there is no skill check involved.
The Target Next/Closest Monster command will no longer select PK/L players who are in your fellowship.
We've added a new option to the Character Options panel: Display Timestamp.
Your trade window will no longer automatically close if your trading partner recalls away or walks out of range.
The /r command is no longer case-sensitive.
You can now use @allegiance broadcast [text] instead of @allegiance, [text] for allegiance broadcast messages.
Two bugs with emotes have been fixed - you can now use < > instead of * * for emotes, and colons display properly in emotes again.
Items that can be dyed or tinkered with Ivory now explicitly state this when they are examined.
We've resolved an issue that could cause Zone ticket timeout errors when trying to log in to the game.
Always Drop on Death items would not drop on death for characters under level 10. This has been fixed.
We've fixed a bug that could cause a character's number of deaths to display incorrectly if that character had never died.
Bowyers will now buy back wrapped fletching supplies.
Some landscape spawns that were too near settlements or on the sides of mountains have been moved.
Some landscape locations that were inescapable have been fixed.
All of the melee and missile weapons from the Ixir Zi and Liazk Itzi temple quests have been improved, with the exception of the Lance of the Bloodletter.
Many other quest weapons have been improved to increase their average damage over time.
The Slithis hallways in the Liazk Itzi temple are now more difficult to run through.
Fadsahil no longer advises characters that are under level 40 to start the Liazk Itzi quest.
The Ward of Rebirth spells no longer surpass Indomitability.
The range on Infected Blood, Infirmed Mana, and Enervation has been increased.
Ulgrim's robe no longer covers your feet. If you are wearing one when you first log in to the game after this event, you will need to take it off and put it back on.
The value and burden of the Realaidain Raiment has been reduced.
It is no longer possible to perch on the kilns in the Knorr Forge.
Some graphics and physics issues with lava pits and statues in the Tusker Holding and Tusker Abode have been resolved.
Minor Details
The non-magic Buadren is now giveable and hookable. Its description has also been clarified.
The updated Sleeves of Inexhaustibility can now be dyed.
Thimrin Woodsetter's maximum buy value has been increased to one million pyreals.
A few lines of text still referred back to the Fire Shreth Hide as being a Fire Auroch Hide. These have been fixed.
Players can no longer identify some Burun-wielded weapons.
The Ancient Armored Bracer is now correctly called the Ancient Armored Bracers.
A small typo in the Liazk Itzi temple guardian speech has been corrected, as have some typos in tells sent by the Sarcophagus.
The name of the Inferior Scythe Aegis spell now displays correctly.
The titles of the beggars in Dryreach are now spelled correctly.
Typos in the Fishing Master speech and Fishing Note have been corrected.