Although Update 1.2: Legacy will still go live tomorrow with a brand-new warzone, Novare Coast, the new reward and leveling system for level 50 players will sadly be missing. In an announcement on the official site, Lead Game Designer Daniel Erickson stated, "After careful consideration, it is clear that to make Ranked Warzones the feature we all want it to be is going to take a bit more time. I apologize for any disappointment this may cause and ask for your patience as we work to make sure the Ranked Warzone Preseason launch is polished and fun."
Erickson did not reveal when we will see see ranked warzones on the live servers, but he did say that the team will roll out the feature in phases, starting with full-team (eight-player) queuing. He also noted that players can still earn the highly anticipated War Hero armor in Update 1.2 through other means.
[Thanks to Marc for the tip!]