Check it! New arena thread, just chock-full of blue posts: http://forums.worldofwarcraft.com/thread.h...=1&pageNo=1
Of particular relevance is this post by Drysc, a blizzard poster:
I'll try to answer most of the common questions posed since the my last post.
Yes, new Arena weapons are included. All of the current items will see new versions for season 2, with some new additions.
The new honor rewards will be new versions of the epic items (boot, belt, bracer). A new back-slot item won't be added, but a new ring will be available.
The arena set items are always intended to match their equivalent tier sets in appearance to easily link them through visual recognition to their PvE counterparts.
Arena season 1 item cost reduction will be about 15%.
There are more healing-centric items planned for season 2.
The patch today was not intended to be, nor was it, the patch that would coincide with the start of season 2. We're still hoping for June 12 but it will come down to testing. The possibility that it won't make the 12th is still very much there, but as I said earlier we'll hopefully know by Friday and will let you know as soon as we do.