The update raises the level cap to 72 and adds a new race (the Shadowforge Dwarves), two new classes (Champion and Warlock), and a new continent filled with quest and dungeon content. That's just the tip of the iceberg for Chapter V, too. The devs are planning to add new guild instances and buildings, new battlegrounds, dungeons, elite skills, world bosses, and more over the life of the update. Read all about it at the official Runes of Magic site.
[Source: Frogster press release]