Craig Morrison, lead designer for Age of Conan, posted a letter to the Age of Conan community site in which he reveals details about the new Veteran Rewards system and new content coming in the next update.
The update may already be on the AoC test servers (and if not, will likely be there soon).
The Veteran Rewards System basically rewards dedicated players with points they can spend on new in-game items, which will be available from special veteran vendors. The longer you've been subscribed, the more items that will be available to you. Veteran points will be earned for every month you're subscribed to the game, and "paid" either weekly or monthly. In addition, bonuses will be earned for every 6 months of paid subscription.
Veteran points will also be rewarded retroactively, and will be available as a single pool of points you can use for any of the characters in your account. Once spent, however, the points are bound to the character they are used for.
Veteran items, however, aren't as much about making characters more powerful. Instead they'll be used to make certain things in the game easier and more convenient -- such as better travel options or things to make it easier for you when you start a new Alternate character.
In addition to the Veteran system, the next game update will release a new Level 80 team instance called the Iron Tower.
"The grim Iron Tower stood apart from the citadel, amid a maze of narrow streets and crowding houses where the meaner structures, appropriating a space from which the more fastidious shrank, had invaded a portion of the city ordinarily alien to them. The Tower was in reality a castle, an ancient, formidable pile of heavy stone and black iron, which had itself served as the citadel in an earlier, ruder century."
-- Robert E. Howard - The Hour of the Dragon
The Iron Tower is a prison for the most malicious and evil of criminals of Aquilonia, and will pit you against corrupt guards, rioting prisoners, and a sadistic Executioner as you make your way upwards. This instance will feature four boss and five mini-boss encounters. There is also the possibility to encounter one of the five rare bosses on each visit: Betty Wolfsmilk, Jack Knives, Horace the Shadow, Nightcharm and Vulferam.
And that sounds like a party.
Read more in Craig Morrison's community post.
PAX 2009: Rise of the Godslayer preview & interview with Craig Morrison