(I do admit all this speculation is fun and this seems a tad more realistic)
New territory: Outland.
New instance: Karazhan, a 5-man instance in Deadwind Pass.
Level cap raised to lvl 70, just as written on the cover.
New profession: Jewelcrafting, gives ability to craft gems, to be used on armor and weapons, similar to enchanting.
Two new races:
Blood Elves for the Horde (yes, I'm sorry, the screens are true).
Alliance race still unknown.
Rain and snow added to the world.
The Expansion Set is scheduled to be released due May 2006.
Apparently this was what was in the Italian magazine, the cover of which was linked here a week ago (and then changed).
Kind of cool although a little sparse for an expansion...