Blizzard might do this through Forebearance, but says that they're also looking to reduce the duration of Forebearance through a hotfix. This means it's a pretty serious issue considering the duration of Forebearance was also intended to balance or space out the use of Divine Shield and Divine Protection. They have no timetable for the change, although it should be expected that it will be applied soon. Blizzard doesn't seem to hold back on nerfing the Paladin class, stating that "the last round of pretty severe nerfs didn't seem to do enough to Ret's dominance of PvP".
These are very fast reactions to nerf a spec that was "dominant" for all of a few weeks in a metagame that is tuned for Level 80. This is an extremely disappointing course of action in comparison to the complete absence of nerfs to Druids despite their utter dominance of the Arena format for three seasons (reducing Cyclone's range wasn't quite the solution, was it?). Paladin representation in Arenas went on sharp decline through all four seasons -- and this includes the Holy spec.
[UPDATE: The nerf has been applied on live realms. So much for the advanced warning Ghostcrawler was talking about. Avenging Wrath now causes Forebearance, and Forebearance's duration has been reduced to 2 minutes.]