I've played through some of 1.2 on the public test server, got up to lv10 and have my Vanguard sitting on the fleet station.
There's a lot to say about the update and you'll find that the changes are very obvious for the most part. The absolute first thing I did was open up the UI editor and spent about an hour and a half tinkering with EVERYTHING. Of course, it doesn't end there, you'll end up tinkering with the UI periodically as you play to get it just right...
That said, this all depends on whether or not you're daunted by the UI customization options to begin with. It does seem pretty complex when you begin but you get the hang of it after a while.
The UI editor also has a few issues too. You can't align stuff with each other and you can't snap UI elements together. It can also get tedious at times when you realise that some elements aren't as customizable as you'd want them to be. One such element that gets in the way and doesn't seem to fit anywhere.
It'll take awhile but I'm sure a lot of folks will come up with some great custom UIs which we will be able to share with each other... I know I'm gonna share mine on here.
Anyway, I'll share some more at a later time and post up a screenshot of my custom UI which I just creates for the lulz.