Patch 3.2 is currently in development, and not yet on the PTRs. We've been told that it will focus on expanding the Argent Tournament that was introduced in patch 3.1, and we've also learned that it will feature new Druid form art and a new battleground, Isle of Conquest.
Today Blizzard posted a preview of some of the Argent Tournament updates, and it looks pretty cool. There are going to be two new Tourney-related quest hubs in Icecrown: a Cult of the Damned camp overlooking the Tourney, and a Vrykul outpost on an island to the north. The Black Knight will also be returning; I guess it was only a flesh wound after all.
There are also going to be new dailies and new rewards for players exalted with the Silver Covenant/Sunreavers, as appropriate. Silver Covenant and Sunreaver tabards, their ground and flying mounts, and a Shimmering Wyrmling pet are all mentioned.
Furthermore, those who have earned the Crusader title will get some more dailies, and some exciting rewards, including new heirlooms (!), a banner, a tabard that ports you to the tourney, a squire with a mount, and a Paladin-only charger mount.
New heirlooms, you say? Nice, but I wish they weren't at the end of five tedious rep grinds. Oh well, time to get to work, I suppose.
Update: Blizz have edited the page to say the new squire will cost 150 Champion Seals to upgrade, will be summonable for 3 minutes every 8 hours, and will perform one of thee services: mail, bank, or vendor.
Patch 3.2 will bring about a new 5, 10, and 25 man instance to WoW, and usher in a new 40-man battleground called the Isle of Conquest. WoW.com will have you covered every step of the way, from extensive PTR coverage through the official live release. Check out WoW.com's Guide to Patch 3.2 for all the latest!