By way of Righteous Defense, paladin blessings are revealed to be:
Blessing of Might — Places a Blessing on the friendly target, increasing attack power by 11% and restoring 2 mana every 5 seconds for 1 hour. If target is in your party or raid, all party and raid members will be affected. Players may only have one Blessing on them per Paladin at any one time.
Blessing of Kings — Places a Blessing on the friendly target, increasing strength, agility, stamina, and intellect by 6% for 1 hour. If target is in your party or raid, all party and raid members will be affected. Players may only have one Blessing on them per Paladin at any one time.
Finally, one click, and the entire raid is buffed. We're a long ways away from handing out 40 5-minute Blessings in Molten Core.
I'm somewhat surprised that Blessing of Might still increases mana regeneration. I guess they want it to be attractive to casters. Still, I wonder why they didn't extend the Demonic Pact Spell Power boost to it instead of mana regen. However, that might make Blessing of Might too good.
As well, apparently Mark of the Wild will now have the same effect as Blessing of Kings, making Blessings much easier if you have both a druid and a paladin. A good move.
The thing I like best about the new Blessings is that they retain the ability to do "drive-by" buffing. It's odd, but I enjoy casting Blessings on random people who pass by, especially when out leveling, or when you come across a lowbie questing. One of the best changes in recent memory was when buffs were changed to automatically cast the correct version on lower level characters. I was a bit concerned that in order to get one-click Blessings we would have to give up the ability to buff random strangers. I'm happy to see that this is not the case. Excellent work by the dev team to recognize this corner case.