And basically it's lots of cool little things that are standard fare in many other games.
New raid and a warzone too, so that's some proper new content.
I hear that there is a redesign of Ilum happening. Alas I suspect that will be doomed to failure because of SWTOR's fundamental problems with it's two factions. Ilum itself can of course be dramatically improved, but I just can't see how they can fix the monumental faction imbalance and suddenly have loads of people wanting to play the boy scout republic dullness. Even if they put faction based population caps (instead of the ri-cock-ulous zone based one they implemented before), that will just mean many folks from the overpopulated side end up PvEing the PvP zone.
Anyway, it's perhaps foolish for me to focus on the PvP issues of SWTOR. It is after all designed primarily as a PvE experience and on that front the 1.2 patch is looking reasonable I guess. It's not quite at the level of RIFT's content updates, but it should be enough to keep people interested.