Wow, this is honestly surprising to me. After having stated in no uncertain terms that the LFG channel would not be coming back, Blizz apparently changed their mind. From Drysc:
We're making many improvements to the Looking For Group tool, most of which are still in production and can't yet be discussed. Player suggestions and feedback are playing a large part in the changes we're making and we want to emphasize that we are indeed making improvements.
The change we can talk about right now is indeed the return of the looking for group channel in the next major content patch. With it comes a rather significant requirement, and that is that you will have to be in the LFG system set to looking for a group or looking for more to see and use the channel. The global LFG channel will only be viewable and available for use to players while they are in the LFG system.
We hope to see the combination of the LFG tool coupled with the ease of use of a global channel help to improve the LFG tool and players use of the tool. Again we're making other improvements based on feedback and suggestions which we'll be able to discuss in the near future.
In my opinion, this is actually a really good move. It gives the people who want the channel back what they want, but at the same time it forces more people into the LFG system. In my opinion, the biggest problem with the current LFG system is that not enough people use it, and this should remedy that. What do you guys think?