It's sort of here, just like Bardo is sort of here. Sometimes you can get into the game and play, and sometimes you can't. For all of the problems though there is some interesting stuff in this patch. First the easy stuff.
There are a few new quests in Hefei. The first one from the Duel Master is how you get your Christmas deco, and it's a nice one. Low level players are going to love this thing. I'm not sure if high level players would be better off playing with their usual dodge deco instead. I haven't tested that yet. Anyway, the deco quest is just a matter of running back and forth a couple of times.
The third quest is related to the master/disciple system and you have to go kill one of the bears now wandering around Strolling Valley in Hefei. You're supposed to deliver that quest item to an NPC in Shi Zhang but you can't. The old master is dead. Return to Hefei and speak to the original NPC and gain a defense pill.
We've also got the rest of the Master & Disciple system and for anyone over SM1 level you have an extra quest in Hefei to become a Master. Once you have done so, low level players can approach you and ask to become a disciple, much like they would invite you to a grinding party. That's important, as a Master you don't invite disciples, they ask you.
It's worth it for low level players to do that though, they get a buff after becoming a disciple and it gives bonuses to damage, hit points, vital energy and gold drops, not that gold drops are all that much in this version of the game. Masters get contribution points that they can use to purchase items from the new NPC's in Hefei and on the clan maps. It will be up to the masters to share out those items and I suspect some will be better about it than others.
The Masters get their own series of quests to do as their disciples level up, and they too can purchase items from the NPC's if they are the right levels. Master's have access to some nice looking time-limited items like Deco's, HP return, and damage beads. If you stay with this idea you could be become one seriously dangerous Master.
That's what I've found so far. Please feel free to contribute to this post.