Honestly the biggest change to this team comes from... Wait for it...

The nerfs to Ring of Frost.

The HB change isn't that bad. You gain a 12% damage increase to your main target, you are now much more immune to CC, and you don't have to worry about getting RoF'd to death all the time. I'll totally trade that for the AE pressure that HB lost. The nerf to NS was totally justifiable--2's and 3's were pretty crazy.

Also, Unholy is looking better. Now that NS gives you Desecration... Hmmm 4x splash Leap/Gnaw combos are dancing like sugar plums in my head.

The changes to Paladins are, in a word, awesome. The mastery change is amazing and the talent change may make the Paladins a great choice. Only time will tell.