Wrath will introduce Heirloom items, which are items which bind to your account (BtA) and scale with the level of the toon using them. This is flat out fantastic. What this means is that once you have one this item can be traded amongst any of your characters, which is fantastic for leveling alts.
Linkage as proof is wowinsider, some examples, and another list on MMO Champion.
What is not clear yet is where these come from. Initially it looks like these will be badge gear, but to me the items we already have should be on the list too.
If you already have the Shoulders from Herod, then these should just get turned into an Hierloom item after the patch.
What is totally strange is that the Shoulder items will increase the XP you get too. I don’t get it, but I love it.
I mentioned back in June that BtA items would be a good move, and adding the name heirloom gives them a real tang of flavour and a reason to be. Furthermore having the items scale is brilliant.
Yes, there will be many toons running around wearing the same gear as they will have Hierlooms on; but thats not a bad thing. You know those toons are Alts and can make a guess that the player may actually know more than how to Cyber in Goldshire.