Note: This article contains information relating to the World of Warcraft Public Test Realm. Since it is still in the testing phases, this information will likely change before it makes it to the live servers.
With the addition of Patch 3.1 for World of Warcraft comes a minor undocumented change. It seems that Blizzard has added some new and improved textures into the game and some options pertaining to these textures.
"Projected Textures" and "Player Textures" are both new options seen on the Video/Effects screen.
Now, the actual effects of these options are not particularly known (testing gave me the same result after applying no matter which option I chose), however they most likely apply to these new updated textures.
The two thumbs at the right show the different between the PTR and Live. What they don't show, however, is that the metal aspects of both the images (helmet and collar of the wolf, and barding of the horse) also have added specularity to them, thus making them to appear more shiny.