Latest Notes from the 3.1 PTR.

New Patch Deployed, New Talents, including an 11pt Prot Talent:

Paladin

* All paladins auras had their range extended from 30 yards to 40 yards.

Holy

* Sacred Shield now cannot be on more than one target at any one time.
* Infusion of Light no longer has a chance to reduce the casting time of Holy Light, but increases the the critical chance of your next Holy Light by 10/20% instead.

Protection

* Hand of Sacrifice now lasts 12 sec or until the caster has transfered 100% of their maximum health.
* Targets affected by Divine Shield, Hand of Protection or Divine Protection can no longer be affected by any of these spell for 2 minutes. (Down from 3 minutes)
* Divine Sacrifice *New Talent* (Tier 3) - 30% of all damage taken by party or raid members within 30 yards is redirected to the Paladin (up to a maximum of 150% of the Paladin's health). Instant, 2 min cooldown.

(Source)

I'm off to watch the Watchmen, I'll try to give some analysis when I get back. My gut feeling is that this is a fairly hefty Holy nerf.

Update:

Updated 3.1 Patch notes with additional changes (mostly PvP). Some are not yet live on the PTR.

Paladins

* Auras will now persist through death and affect a 40 yard radius.
* Blessing of Kings is now trainable at level 20. Removed from talent trees.
* Hand of Sacrifice: The damage transferred by this ability is now capped by the Paladin’s health.
* Forbearance reduced to 2 min duration.
* Sacred Shield: This effect cannot be cast on more than one friendly target at a time.

Talents
Holy
* Aura Mastery: Now makes anyone affected by Concentration Aura to be immune to Interrupt and Silence mechanics and increases the effectiveness of all other auras by 100%. Lasts 10 sec. 2 min cooldown.
* Blessed Hands: No longer reduces cooldowns of Hand spells. Instead, it improves the effectiveness of Hand of Salvation by 50/100% and Hand of Sacrifice by an additional 5/10%.
* Enlightened Judgements: No longer increases the range of Judgement of Justice. Moved to Tier 10.
* Improved Concentration Aura: The resistance to silence and interrupt granted by this talent now becomes active when any Aura is used, not just Concentration Aura.
* Infusion of Light: Now increases the critical chance of your next Holy Light by 10/20% instead of reducing cast time. Moved to Tier 10.
* Judgements of the Pure moved to Tier 9.
* Sacred Cleansing moved to Tier 8.

Protection
* Improved Devotion Aura: The additional healing granted by this talent now becomes active when any Aura is used, not just Devotion Aura.
* Divine Guardian re-designed: Now increases the effectiveness of Divine Sacrifice by an additional 5/10% and increases the duration of Sacred Shield by 50/100% and the amount absorbed by 10/20%.
* Divine Protection: Cooldown reduced to 3 min.
* New Talent: Divine Sacrifice: Causes all party/raid members affected by one of the paladin’s auras to transfer 30% of all damage taken to the paladin (maximum of 150% of the paladin’s max health). Lasts 10 sec. 2 min cooldown.
* New Talent: Divinity: Tier-1 protection talent, increases healing done by and to you by 1/2/3/4/5%.
* Guarded by the Light: Now makes Divine Plea 50/100% less likely to be dispelled. (already undispellable?)
* Sacred Duty rank 1 now increases Stamina by 4%.

Retribution
* Benediction now affects Hand of Reckoning.
* Fanaticism reduced to 3 ranks for 6/12/18% bonus and 10/20/30% threat reduction.
* Repentance no longer resets the Paladin's melee swing timer.
* Righteous Vengeance reduced to 3 ranks for 10/20/30%. The damage done by this talent no longer receives modifications from effects that increase or decrease damage done by a percentage. [nerf of really unknown proportions]
* Sanctified Retribution: The bonus to damage done granted by this talent now becomes active when any Aura is used, not just Retribution Aura.
* Sanctified Seals: Renamed Sanctity of Battle. Now also increases damage done by Exorcism and Crusader Strike by 5/10/15%.

Emphasis mine.

I wasn't sure how they could do it, but they've succeeded in making deep Holy even less tempting for PvP. The new Aura Mastery will be interesting... no, wait, PURGE! Divine Plea to become dispellable again? Sanctity of Battle will not make it into 3.1 as is, it makes the potential damage one ability can do way out of proportion (and, ironically increases Ret's burst damage).

Seriously, I know no idea what they are up to.