So Pandaren are the new playable race. In a surprise twist, they're available to both Horde and Alliance. The Pandaren starting area is neutral apparently, and the individual Pandaren choose Horde or Alliance at about level 10.
I am rather lukewarm about Pandaren characters. I don't think that pandas are any worse than gnomes, goblins, space-goats, or werewolves. But I'm not really excited to play one either. Though that may be more because I have my main, and I really don't feel enthusiastic about alts anymore. I'll probably roll a Pandaren to play through the starting area, but I doubt it will get much farther than that.
What I really hope is that Blizzard chooses to give the pandaren--and pandaren culture--a vein of seriousness, and use understated humor rather than slapstick. I think that would balance the intrinsically humorous nature of panda warriors.
I am wondering what Pandaren will look like in Tier armor. Most tier sets seem to designed for a "less round" body type. And of course, we'll see how sexy Blizzard can make female Pandaren. There are a lot of people who want a, let's say, more lush body type. But the stats show that these types of female figures tend to be the least played, even by women.
I actually kind of pity Blizzard that decision. The more sexual dimorphism they introduce (even to the Draenei level), the more people will actually play the characters, but the more outrage it will generate on the forums and possibly even the media and press.
A final thought about player characters, will Pandaren characters be able to communicate cross-faction? It seems odd that they would start together, but be unable to talk. Maybe the Pandaren language only will be cross-faction, so when the panda-trash-talk starts, no one else--Horde or Alliance--will understand it.
As for Pandaria itself, it does look pretty neat. The art is very nice and very different from the rest of Azeroth. I actually really like the theme of expansion, at least as Blizzard explained it. The Horde versus Alliance war, playing out by both sides courting or fighting the Pandaren. Symbolically, it works extremely well with the Pandaren being available to both sides. The individual's choice echoing the continent's choice.