People are still reeling from the downranking change on Beta, but as the dust clears and Blizzard continues to stick to their guns, it may be that we'll have to live with it. One thing Blizzard has said, however, is that if it looks like there's genuine void created somewhere by the loss of downranking, they'll fix it.
One genuine void is that of rank 1 Earth Shock. Shamans have longed used the spell as a spell interrupt when they can't afford to spend the mana on a max rank shock, both in PvE and PvP. With the new mana cost rules, that cheap interrupt is now gone, complicating a shaman's already touchy mana preservation issues.
Luckily, not all is lost for Shamans, as Koraa says that they are creating a rank 1 Earth Shock spell equivalent that should show up in the Beta at some point in the future.
This, at the least, is a good indication that Blizzard means to make good on plugging up holes left by the abolishment of downranking -- or at least the holes that the dev team sees as needing to be plugged. Will we see a replacement for rank 1 Moonfire for totem killing, or for rank 1 Arcane Explosion or rank 1 Consecration for flushing out stealthers? That remains to be seen, but it seems much less likely, since those are roundabout ways of using a damage spell for a non-DPS reason rather than the straightforward purpose of using rank 1 Earth Shock as a cheap spell interrupter.