Assuming they don't add a shit ton of new items to the badge vendors and leave what they currently have, I don't think the badge change is a big deal. You can only get 226 items for how many slots 5? 6?
With no 226 weapons available for badges I think the change is fine.
The Arena change is pretty shocking, frankly. (Not that I care since I think the Arena's was just about the worst thing Blizzard has done to the game) But for those that like it that is a nice kick to nuts right there.
The DRW change for DK's is pretty annoying and eliminates the 51/2/18 spec as now there is no reason for it. Makes me wish I had waited a year to make a DK so I wouldn't have known how powerful DRW use to be

But overall that's not a huge nerf to me as Blood DPS. I'll be curious to see how Unholy is effected.
I like the BG changes and can live with the 20 minute target for each game. Will make the WSG & AB grinds a least more reasonable.
I hope to god with the splitting of Normal vs Hard modes means the Hard Modes will give you an appropriate amount of loot for the effort. Having been in yet another guild death due to Hard Mode stuff I'm getting pretty sick of the design, it is reigning death to guilds on smaller servers. Hopefully more reward will encourage more people to put in the time.