The full list of changes is after the break, but here's a quick summary: Evocation cooldown reduced to four minutes, with Arcane Flows also reducing the cooldown even further. Arcane Blast got an overhaul -- will now increase the damage of your next Arcane spell by 30%, or you can stack it, for a higher mana charge. So you can use it to buff Barrage, or use it as it is now, just upping the Blast and mana costs every time. Interesting.
Elemental Precision lost the Elemental and will work on all spells, and Improved Blizzard got a slight nerf, with the snaring effect percentage reduced. Actually, that's most of the changes right there, but for those of you at work unable to see the forums, they're pasted after the break anyway. I don't play a Mage but it looks like you guys got off easy -- Arcane is the real winners, but even Frost and Fire got that Precision buff.
Update: GC explains the Blast change better than I can.