Players have been asking for updates to older races as a result, and developers have confirmed that they are in the works and being actively designed by the character artists. However, they don't want to put something in the game that feels like a betrayal to a character that you've had for years, so they're proceeding carefully. There's no word yet on when we can expect to see them, but it's good news for everyone who'd like their older toons to look as good as their newer ones!
Edit: Zarhym has just posted on the forums clarifying the information given at BlizzCon, although there's no new information to share.
The news is out -- we'll be playing Mists of Pandaria! Find out what's in store with an all-new talent system, peek over our shoulder at our Pandaren hands-on, and get ready to battle your companion pets against others. It's all here right at WoW Insider!