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I'm surprised it hasn't been posted here yet, if it has then I didn't know.
They are making all races playable with any account. Don't get the wrong idea though, it's only the 'race'.. you can not create a Monk or Death Knight without the appropriate expansion(s).
Just thought I'd bring to everyones attention:
*Edited with official link.
Nadia provided this info on page two of this thread:
I've seen some confusion about when pandaren character creation will be accessible.
Just to be clear on the announcement, we're making it possible for people to create a character of any race, regardless of what expansions you've purchased. So if you only have the original game (which now has The Burning Crusade included), when patch 5.0.4 hits you'll be able to create goblin and worgen characters as well. And, once Mists of Pandaria is released, you'll be able to create pandaren characters, regardless of whether or not you own Mists of Pandaria.
So it says all races, what about though all classes? Just because Pandaren become available for play regardless if you have MoP or not, does this include the new monk class?
No, you'll need to upgrade your World of Warcraft license to Mists of Pandaria in order to unlock the monk class. The same is true for leveling from 85-90 and gaining access to the continent of Pandaria.
This is great but how will starting areas be handled?
The starting areas will be accessible as well. For example, you'll be able to adventure on the Wandering Isle as a pandaren when Mists of Pandaria is released, but you won't be able to visit Pandaria. They're separate locations.