I'm happy to see them really committing to this. I didn't think I would be all that interested, but I will sure give it a go. Personally I wouldn't mind quality of life improvements and most of my friend don't really care for a 100% authentic vanilla experience but they want the old zones and world, a game world pre-Cataclysm but have no requirement for it being "authentic" to World of Warcraft Patch 1.12.2.
Blizz stated in a watercooler that they're using the 1.12 database as a starting point. I don't think it's a stretch for people to assume that most game features and mechanics will be in their 1.12 state. The kind of stuff I would expect to see reverted would be numerous AV changes, but I seriously doubt class mechanics are going to be reverted. I'd be surprised if the threat changes that ruin pre-naxx encounters are reverted.
An advice for those who are trying to compete monopolizers: you cannot beat them by selling for less if they follow right steps. You should do opposite: sell for more. Because market will come down if the price goes unreasonably high. You can set a bid on item for the price it should cost and buy out price for higher than a monopolizer is selling. So, common buyer may get an item for the right price or monopolizer has to buy the item at his loss.
However, after a while the novelty of it wears off and you do start getting a little bored of all the eating and drinking (and wondering why your character isn't getting to Kul Tiran levels of fat), especially if you hop on to BfA for a bit in between. The difference is huge and once you're used to just slamming into 5 mobs and downing them quickly it can get a bit boring to just pull 1 mob at a time and then wait and wait. The really low levels aren't that different between live and Classic in terms of gameplay however, as the small amount of abilities means combat isn't exactly the most exciting thing in either. On live you get past that pretty quickly, but it takes a while longer in Classic (especially if you're playing solo).
I recreated my very first character -- a human warrior, because in the last-push alpha test I joined in 2004, there was no Horde -- and logged in. Immediately, I was surprised by how good the graphics actually looked, for being 15 year old textures-on-polygons. Warcraft's bright colors and cartoony aesthetic continue to this day, so all the increased resolution and better-contoured characters in Lordaeron don't really change the game's visual aesthetic.