First of all, he drops more of the ultimate shiny stuff, 25 gold per raid member by some reports. Taking down a quick raid boss and getting 2 or 3 dailies worth of gold seems like a fair trade. He also now drops a 20 slot bag, called the Pit Lord's Satchel, which is BoP, but not unique. Like all 25-man bosses in 2.4, he will drop Badges of Justice. Finally, he also drops a Black Sack of Gems that will contain various Epic quality gems.
I'm sure if you were in the raid game pre-BC like I was, the same question is coming to mind: Is Magtheridon the new Onyxia for 2.4? Like 2.4's Magtheridon, she drops a really nice bag and a good amount of gold every kill. Like Magtheridon, her head can be turned in for a pretty sweet buff. Too bad Magtheridon's buff isn't quite as awesome, but it's all still there. Right now, Magtheridon is ignored or quickly skipped over by many raid groups, with only a kill or two just to get people their titles. But with these adjustments, both in difficulty and amount of loot dropped, he does seem like he may start looking a lot more alluring.
What do you think? Will these changes have you LF24M Magtheridon on a regular basis?