Funcom has heard your cries of injustice and is in the process of putting together a new server ruleset for the old-school PKers in the audience. Age of Conan game director Craig "Silirrion" Morrison unveiled the news in his most recent monthly dev update, and while a few things remain up in the air (chiefly a release date and official server names), it looks like most everything else has been hammered out.
In a nutshell, Funcom will be adding one new server to both the US and EU versions of AoC, each featuring the new PvP ruleset (tentatively titled Blood and Glory). The new realms will require players to start fresh -- i.e., there are no character transfers. The hardcore shards will also restrict players to one character and will lack NPC guards. PvP will be re-enabled in the Underhalls and White Sands portions of Tortage, and a player looting system will take effect (though details on this are scarce at the moment).
Funcom hopes to have the new shards deployed in early May, with some version of the ruleset making an appearance on the test servers prior to that date.