I don’t have a in-depth knowledge of this since I missed the panel, but Maticus from Worldofwar.net told me Ghostcrawler revealed Attack power, defense, MP5, and penetration … all of that will be gone from player’s gear stats in World of Warcraft: Cataclysm.  Even Hunter’s Intellect will be gone, replaced by a new feature named Focus.

There is probably more changes.  I really have no idea what Blizzard has planned to replace all of those stats with.