"Is the construction of the Argent Tournament colosseum at all dependent on realm participation like Quel'Danas was? I was wondering if the goblin dailies 'A Chip Off the Ulduar Block' and 'Jack Me Some Lumber' helped construct the building faster. If so, is there any way to see progression like there was with Quel'Danas?"
No. The coliseum will come in patch 3.2, no matter what each server does beforehand. At least, that's what we know right now. It could all change however.
"I am in exams right now and not downloading the patch. How much fun am I missing out on?"
The only think that you're missing out on is the first few days (or weeks) of the Argent Tournament dailies. It'll just take you a bit longer to get up to earning the mounts and other rewards.
Joe Smith asked...
"How much Haste should a balance druid have? I've been told that it's important to have, but tend to sink points into spellpower whenever i can. Is that wrong?"
As Nothilt noted in his reply to you, Haste is secondary to spell power. When I've evaluated Moonkin applicants to my guild, my team and I always look at Spellpower, Haste, and Crit. In that order. However much you have is however much your gear allows you to have.
"Speaking of the novels, does Blizzard consider the novels to be canon, and does Blizzard have to approve the plots of them? Also, does Blizzard incorporate the story lines of the books into the lore of WoW?"
I'm answering this to the best of my knowledge from experience and past events and articles I've read. Blizzard considers them cannon until they're overridden in the game. There have been some things, such as Hakkar (one is the boss in Zul'Gurub and one is the Houndmaster) that have been a little odd.
Regarding your second question, Blizzard does hold pretty close intellectual control over the publishing of the novels. It's pretty standard practice for novels to have to be extensively reviewed and signed off before they're published – so I'd say yes.
As for your third question, just take a look at the whole Rhonin thing.
"Why am I so cold?"
Has the Ice Stone melted?