Yes, Firelands is the raid in 4.2, and 7 is the total number of bosses.
We think 7 is our current ideal for number of bosses in a raid. (We launched Cataclysm with two full raids of 4-6 bosses each.) We’re also spending a lot of time making the Firelands bosses as awesome as possible – - creating unique models, animations, effects, sounds, etc. etc. Previously a lot of bosses were larger versions of existing models, which was fine, but that tradeoff is made somewhere. We shift to making fewer but more epic boss fights and there’s a tradeoff somewhere. We’re concentrating our efforts into a smaller number of fights so that each fight is bigger and better, they’re still obviously going to be extremely challenging, but once it is on farm you’re not having to spend two, three, maybe four nights just to clear it because the raid is so huge.
Our ideal situation would, of course, be to launch as many raids as possible with this current ideal number of around 7 bosses, but that’s not something we’re ever going to promise. We’d love to be able to produce unlimited amounts of content anywhere, not just raids, for that matter. We think one raid per patch with around 7 bosses is a super solid experience, though, especially with how much effort is going into Firelands. We don’t think anyone is going to be disappointed.
On a side note, the whole daily quest thing hasn’t sparked much excitement yet, but with the preview going live here in a few hours (and BlizzCast 16) hopefully we can impress how awesome that’s going to be, too.
Again, there’s a pretty aggressive development cycle for 4.2, so it’s not going to be very long before we’re on the PTR, and not very long (comparatively) before release. (Source)
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