http://www.faxiononline.com/node/3975
Highlights included:
Guild vs. Guild Inquisitions
Territorial Contest Time reduction (from 180 minutes to 90)
Revamped toolbar
Map filters
Performance enhancements
Newbie zone player protection
Various bug fixes
After having played after the patch, I personally feel it was full of win. In general, the game performs much better for me than it ever has before. There are still performance tweaks that need to be made (Radeon users still suffer absolutely horrible performance - that is now an acknowledged issue), but this patch has made the game much more enjoyable for a lot of players.
If you like PvP, aren't a Radeon GPU user and have some time to kill, this is a good time to check out the game again. I will say, however, that you should not judge the combat mechanics based on teh PvE you encounter in the newbie zones - this doesn't accurately reflect the PvP combat at all. To get an idea of how dynamic PvP can be, check out the following video: