According to the report, it looks like the system is "tick based." Each round will take 10 ticks, and each figure has a set of abilities that it will be able to use which cost a certain number of ticks. The game is apparently based around accumulating "Victory points" in order to win. The amount of victory points is based upon the amount of Honor points you have, which is based upon the size of your army.
By way of example, the folks at wowminifan.com were able to grab a shot of the card for Vindicator Hodoon. The card, much like WoW TCG cards, lists a class, spec, an attack and defense rating and a set of abilities. In a somewhat amusing twist, Vindicator Hodoon is Holy spec, but insists on weilding a Might of Menethil. We can only hope he's using the updated level
70 80 version that will no doubt drop from the revamped Naxxramas, but still, you'd think he'd go for a +healing weapon! But seriously, this guy doesn't look half bad. He has a version of Devotion Aura that grants an extra 1 armor to all allies within 1 hex of him in addition to his normal attack, so that looks cool. It should be fun to see if other classes have similar "buff" abilities.
While it's worth noting that all these mechanics could change before the game is finally released, but it's great to see the game taking shape, and I know I'm already lusting after it. Even if I can't get my friends to play with me, I figure the figures should make great display pieces. How about you? Does this news get you drooling for the game?