All permanent item enhancements provided by Enchanting, Engineering, Leatherworking, Tailoring, and various vendors and quests are now able to be applied to items of any level. This means all enchantments can now be applied to heirloom items.
High level enhancements applied to items equipped by low level players have their power scaled down to be similar to enhancements intended for that level range.
Low level enhancements applied to items equipped by high level players do not grow further in power beyond their intended level range.
+30 Spell Power and +22 intellect are not 'High level enhancements'. I think they'll stay the same, regardless of what level you are with the loom.
I'd be surprised if that got scaled down because it's an amazing enchantment with twinks, but in the overall scheme of things it isn't very cool for endgame items.
Other things to note:
Fears cast by players no longer increases the target's movement speed. < This will definitely effect playstyle for priests and locks as the amount of time you have before your enemies return is pretty much cut in half. It is not going to mess things up, but it'll be weird getting used to at first.
Divine Insight for Discipline Priests now has a 100% chance to activate its effect after using Penance, up from 40%.
Basically:
1. Cast penance on yourself
2. Cast shield on yourself
3. If shield is destroyed, you can cast shield again even if it hasn't been 15 seconds.
This works every time (100%)
Divine Insight - Spell - World of Warcraft
Weakened Soul - Spell - World of Warcraft