Poz has
posted on the
official City of Heroes message boards more information about the upcoming respec ability.
Respec: The strat guide is outdated. You will not be able to change your archetype, primary, or secondary power sets. You will be able to change which powers you own in those sets, all of your power pool choices, and your enhancement slot placement. You will be able to replace all the enhancements you currently have, and cash out ones that don't fit or you don't want.
He also mentions that capes will have different sizes, colors, and textures.