Losers of Warsong Gulch are now given a "Ribbon of Sacrifice" which they may turn in to Captain Shatterspear or Sentinel Farsong for a faction reward.
Players may no longer purchase items that require a PvP rank unless they meet the rank requirement at the time of purchase.
Nice going Blizzard, so basically even if you loose at the Battlegrounds you are still a "winner". What a load a of bull. About the second note, I wish they would make up their minds regarding this issue. Still no reason for me to reinstate my membership.