The latest edition of the Final Fantasy XIV Producer's Letter has cropped up on the official site. The first part of the post is a gigantic list of changes coming in the patch. The second half is a more narrative version of what the patch will bring into the game.
Patch v1.21 will bring, among other things, these features to FFXIV:
seven classic jobs
two instanced raids
a 'cutscene replay' option
adjustments to classes
a revised spell-casting system
changes to food and medicine effects & recipes which has been completely overhauled from the conceptual level. The team will be providing more information about this as the time for the patch approaches.
Hamlet Defense will not make it into v1.21 as the team has found the system to be overwhelming in its scope and needs more time in development.
Lastly, the patch will be delayed to the end of February to allow for the optimal amount of time finalizing the patch to ensure all systems are in their proper working order.