I'm not going to enumerate every change that the patch brought with it, but certainly if you have many alts there were some distinct benefits. First, the new quest line in Blasted Lands is worth taking your characters through, if for no other reason then to get re-acquainted with Thrall and Maraad as living characters in the lore. The side benefit is that the series rewards you with several 515 armor pieces and one 520.
Or it would have, provided that you didn't complete it the first day like I did on my favorite character. Yes, Blizzard has acknowledged the mistake but it's an open question whether they're likely to do anything about it. On the other hand, if you were one of the few running old raids, you found that they were significantly nerfed by the stat squish to the point that Blizzard felt the need to power them back up a bit in the next patch. So while I was an early adopter of the new content, and not getting the reward, I was not soloing raids on easy mode and, similarly, not getting rewards.
The irony here is that this quest series was advertised as an opportunity to boost the gear level of new characters before heading into Draenor. So players flooded to the Blasted Lands with the characters that needed the rewards the most, excited for new content and a brief glimpse of what is to come. The good news, of course, is that all of this has been fixed and the quests are rewarding gear as they should.
Gearing opportunitiesFor alts that are arrayed in Timeless Isle 496 gear, there are several options for improvement. The Iron Horde quests have three rewards at ilevel 515 (necklace, cloak, ring) and one at 520 (trinket), which have helped several of my characters that don't always get enough attention.
At the same time Hallow's End is in full swing. The Headless Horseman drops a 540 ring on every kill, not tied to the once-daily loot pumpkin, that come in four stat varieties. Since a ring drops from every kill, it's perfectly reasonable to chain queue for the Horseman until you win the roll for the ring you need. This gives you your second ring, along with the one from the Iron Horde.
Within the loot pumpkin itself is the possibility for a plate helm or an agility sword. While the sword might be good for your enhancement shaman or rogue, the helm is an option for most of the plate-wearers.
The other avenue available to the alt-friendly is the Shado-Pan Assault. With the last patch, all gear from the Assault is purchased with gold; there's no longer any need for valor. At neutral you can just walk up to the vendor in Niazao Temple and purchase a 522 necklace. At friendly, however, you can pick out a number of other 522 pieces
Which brings us to LFR. I've run a lot of RaidFinder recently, using undergeared alts, and I have to honestly admit that much of the toxicity and acrimony is gone. I'm speculating that this is because everyone is so well geared and the raids are no longer so difficult that people's frustration levels are much lower. Every run has been generally successful and peaceful. Even when we've faced a few wipes, no one's become bitter. All the bad behavior of the past (demanding that we kick the little ones, blaming the healers, mocking the fallen) has largely been replaced with patience and thoughtful explanations. I don't expect it to last into the next expansion, when even in LFR things will be unfamiliar and challenging, but for now LFR has been a fun thing to do.
The main reason I mention LFR as an attack of opportunity is that I was able to move from Neutral to Friendly with a single complete pass through the first of the Throne of Thunder raids, The Last Stand of the Zandalari. The LFR drops from the raid bosses are only level 502 but the reputation unlocks grants access to the 522 gear at the vendor, as mentioned above.
The other reason, though, is that this is the last chance to see these raids while they are current content. This is the last chance to run them with motivated and experienced players while they are even somewhat of a challenge and while they offer potentially useful rewards for something other than transmogging.. Soon enough they will be relegated to nostalgia runs that you grind for pets.
Draenor RewardsEach of these activities is interesting in its own right, but I think it's worthwhile to question the entire exercise as merely an opportunity for better armor.
The argument runs like this: in three week's time, we'll be rolling into the new expansion on Draenor and be up to our necks in new quests and quest rewards. Also new in Warlords is that some quest rewards will be randomly boosted from green to blue, and from blue to purple. Aren't we going to be replacing a lot of this gear in the first zone anyway?
Quests in the first zones should give rewards in the 510-520 range. The quest rewards we pick up from the Iron incursion are typical of the first zone. This means that your Timeless Isle gear will be replaced in short order with early quests.
However, anything above 510 will be a help with those early quests when you first hit the portal. I remember many players experiencing frustration in Cataclysm when they entered Mount Hyjal in questing greens and blues and found it very difficult to solo. The same will be true for alts whose gear is 429 and 463 blues from Townlong Steppes. Mists had Adventuring supplies vendors to help people catch up; it's unclear if Warlords will do the same.
The report from the Beta is that rewards from the questing portion of the game, from level 90 to 100, range from item level 500 to 600. Raiding loot, and anything from subsequent patches will move higher on the ladder. The ranges overlap what's currently available from vendors and dungeons, so it won't be the same as Burning Crusade where elite raiding gear was replaced by the first quest rewards that came along.
Anything that you can do now will put you in a better position to experience the full story of the new expansion, to have the time and freedom to look around you as you travel through the new landscape, and the freedom to take advantage of new opportunities when they appear.