Right after I finished the preview for the Valley of the Four Winds, the Krasarang Wilds became available as well and the level cap was raised to level 88. I needed 14.6M experience to go from level 87 to 88.
The Krasarang Wilds is not the only new available area, but for the moment we will focus on it and look at the rest later.

This area lies to the south of the Valley of the Four Winds and west of the Jade Forest. Following the Pandaria quests that start from the Jade Forest, I'm almost sure this is one of the places where you will level up to level 87 after you completed the Valley of the Four Winds. It's strange though, that after you completed the quests here you'll be sent back to the Valley of the Four Winds and a few more quests are available for you there. There is also a movie, but for the moment all I could see was "This is where a move will be. We love you beta testers."

The islands at the south are inhabited by pandarens and horzen. That is a fishing area used by both sides, but looks like horzen messed up with the ocean balance and you'll have to help fixing that.

The islands at the south are inhabited by pandarens and horzen. These islands are a fishing area used by both sides, but it looks like the horzen messed with the balance of the ocean and you'll have to help out and fix that.

Here, in the south, on some islands called Anglers Wharf, we will meet another well known NPC: Nat Pagle!
He is now the quarter master of a new faction called The Anglers, and as you might expect it's all about fishing in this area. The quests are not available at level 88, but after you start gaining reputation with them you'll be able to buy a few recipes, a raft, a companion pet, some fishing poles and of course, at exalted, you'll get a mount.

Compared to the other Pandaria areas I quested in, the Krasarang Wilds is pretty dark expect for the south part of it. You will notice right from the start that the Sha are responsible for all this darkness. Most of the wild life was infested and so are some pandaren villages.

Found in two little camps, one for both factions, are some druids. Each camp hates the other camp, as always, but in the end after they face a common Mogu enemy, they stop fighting amongst each other... for a while at least.
We will meet Prince Anduin again, and as far as I know both Horde and Alliance will work with him.

The area is pretty small and after a few quests here you'll need to venture into the Temple of Red Crane where you'll have to free the Red Crane from some Sha that took over the entire temple.

There are more quests available here, but as far as I could see you need a higher level to start them.

While questing something caught my eye and I would really like to share this:

Does this quote reminds you of anything? I myself found it funny. Blizzard is well known for introducing various elements in their games to remind you of other games, movies and contemporary culture.

Like always, I took some screenshots while questing. Here is what the area looks like: