Shadowform???

[Bol]

don't forget imp. SF which reduces casting knockback. Considering the proportion of time spent channeling, it's significant.

[Kaesebrezen]

One design goal for cataclysm was to get rid of all the kitchen sink talents. By that, blizzard means talents they assume absolutely all members of a given specc will take anyway, so when they feel a specc is underperforming, they can just add some more to that talent.
Shadowpriests are mostly using the shadowform for this purpose. Which is the reason why the shadowform tooltip has been used as a filibuster.

As already stated, this is wrong. They want to remove all passive modifiers.
For Shadow this are: Darkness, Mind Melt, Shadow Power (blizzcon example), Improved Sw:P, Misery, Focused Mind.
Maybe things like Twisted Faith (same as the glyph), Shadow Focus, Shadow Weaving (shadoworbs replace it?) and Spirit Tap (no more spirit) will be gone too.
All these talents are either covered by masteries or will be useless (no more spirit, no "running out of mana if we manage our regen cooldowns").

Expect shadowform - and talents in general - to do one thing in cataclysm. In case of shadowform: +15% shadow damage.
Shadowform is there to give you extra DPS at the cost of your healing ability. Nothing more.

It won't be be increase Shadow Damage. The 1st mastery stat gives improved damage.
So why should Shadowform give additional damage bonus, if healing priests don't even get the first mastery damage bonus?
It will be more like Moonkin. Give some utility, give a mana reg proc and give up your healing abilities.
Balance Druids are in Moonkin form to bring their buffs, we currently are in Shadowform to compete in damage...

[Soranis]

I just hope they wont make it a proc/cooldown like system as tree of life. Cause shadowform makes me look even cooler