Heirlooms are special pieces of armor that level up with your character, so they have stats that are always respectable for your character’s level (up to level 110). Heirlooms that fit the head, shoulder, chest, legs, and back armor slot offer an experience bonus. The total bonus is 45 percent if you have them all. It’s also possible to acquire a ring that adds another 5 percent, but you must win a fishing contest acquire it, and that can take some time.
Arms: Sharpen Blade - When activated, your next Mortal Strike will deal 15% increased damage and reduce healing taken by 50% for 6 sec. Fury: Battle Trance - You go into a trance causing you to regenerate 3% of your health and generate 5 Rage every 3 sec for 18 sec after using Raging Blow twice in a row on a target. Using Raging Blow on a new target will cancel this effect. Protection: Thunderstruck - Thunder Clap roots all targets for 1 sec. You can find a list of all Essences available in Rise of Azshara here.
Fishing requires much time and does not yield much profit until its later levels. Unless you enjoy it for its own sake, avoid seriously delving into fishing until your level limit. It is not a bad idea to do a little when starting out a new character on a new server, though - the gray items you fish up sell for good money to a starter, which can help you out with your other tradeskills.
We have no idea what implications this might have and whether or not it even indicates anything, since Patch 8.2 is still in testing and a Tuesday launch is more than unlikely due to Essence tuning and Azshara's Eternal Palace, which is supposedly coming shortly after launch. Blizzard said they wouldn't be delaying the new raid like they did with Battle of Dazar'alor.