Blizzard released Patch 3.1.2 for World of Warcraft this morning.
Other than what you've been expecting for a while now in the way of character balances , faction mounts are purchasable through the Argent Tournament Quartermasters for 5 Champion Seals and 500 gold while the Argent Hyppogryph's price has been reduced to 150 Champion Seals.
The Equipment Manager is the the most talked about change by far, and IncGamers has posted a video tutorial if it here.
The full list of patch notes can be found over on the official site.
You can also get the patch through the usual way or over on FileFront.