All the work we’re doing will ultimately allow us to recreate an authentic classic experience on a platform that is much more optimized and stable, helping us avoid latency and stability issues. Additional improvements will include modern anti-cheat/botting detection, customer service and Battle.net integration, and similar conveniences that do not affect the core gameplay experience.
Blizz stated in a watercooler that they're using the 1.12 database as a starting point. I don't think it's a stretch for people to assume that most game features and mechanics will be in their 1.12 state. The kind of stuff I would expect to see reverted would be numerous AV changes, but I seriously doubt class mechanics are going to be reverted. I'd be surprised if the threat changes that ruin pre-naxx encounters are reverted.
That's not to say that everyone has an unrealistic vision of what vanilla WoW was like. There were already plenty of people on the WoW Classic forums pointing out that perceived bugs are just recreations of the original game. And as noted before, a flaw to one player is a key component of the original positive experience to another. WoW Classic will surely please plenty of purists in spades. But this goes to show that it won't be for everyone who has fond memories of the game circa 2006.