Tydeus: Horse Ranged damage penalty(20%) and damage cap(15 damage).
Tydeus: Wooden Spikes HP from 70 to 45.
San: Horse ranged max speed reduced to 80%
San: 0 Ammo slot bug fix.
harald: Changed reforge to an immediate action instead of an auction.
harald: Respec changes: penalty reduced to 20% and respec without penalty is possible every 7 days. Free respec does not apply to current hero (but can still use training lessons like before).
Senni_Ti: release_slashright_staff
San: Glove effective weight penalty for wpf increased from 4 to 6.
San: Ranged weight penalty made percentage-based and is now applied before the PT/PD/HA penalties as 1.5x the melee penalty.
San: Dynamic weight threshold added. Changed from 10 to max(IF*2, strength/3 + 1) with a minimum of 6.
San: Increased the nudge cooldown from 2 seconds to 3.5 seconds.
Senni_Ti: Fixed tiejia rigging - credits: Jona
Senni_Ti: New models and items for upcoming patch
harald: Added new XP formula, adapted high level titles, retirement and STF functionality.
harald: Removed various STF restrictions (marketplace, transfer, only one) because they don't get 10k gold anymore.
harald: Added 1 heirloom exchange service per account (to the last online char)
Fips: Conquest maps edited, Cq Maps with 1 flag re-edited to normal siege, added DTV Villages
Tydeus: Reduced 2h thrust duration to equal other weapon types and reduce "hang" duration.
Fips: DTV: Limited Athletics of bots to 3 (Except bosses)
harald: Set start level of new characters to 25.
Fips: DTV: No more damage to horses after each wave
harald: Moved the armoury item limit to clan level and set it to 1000.
harald: Fixed minor issues on the account creation wizard

Full changelog here: http://forum.melee.org/announcements/0-4-0-0-the-patch-of-destiny/