Offical words from Funcom is that decay is finally being implemented, together with dyes, new weapons and a complete wipe player inventories and houses.
We still retain our character levels if all goes as planned.
This seems to be planned for this week, but no official date yet.

Dear exiles,

You've been incredibly patient with us over the weekend and we first wanted to give our very heartfelt thanks for being so patient as we've been working things out. Thanks for all your feedback and your constructive comments.

As part of our next patch later this week we will be partly resetting the official servers. By this we mean we will delete inventories and buildings from the servers completely, but we’re letting players keep their character levels.

We’re doing this to nullify the effects of recently fixed exploits. Resetting the servers in this way lets us mitigate the consequences of these exploits and lets everyone start on an even playing field.

This is also a part of a feat and weapon rebalancing that we're putting out with the upcoming patch. Please give us feedback on this after it's been rolled out.

We want to make Conan Exiles the best survival game it can be, and we can only do that thanks to you, the players.

You cross awaits, exiles"

aaaand from testlive notes:

Dye System Now Active
Armor can now be dyed different colors to match your barbarian lifestyle! Conquer and look even more fabulous doing it!
Introduced several types of new ingredients used for crafting dye colors
Dye colors are created with the mixer

Activated the Ruins (Decay) system
Buildings become abandoned after a time if the owner does not login and visit them
When abandoned, any player can demolish the building
When abandoned for a longer time, the building piece will eventually be removed
You can use the repair hammer to inspect a building and see when it will become abandoned
Bigger structures take longer to become abandoned
When placed on foundations, certain placeables will take much longer before they become abandoned
Some placeables (wheel of pain, chests, small wells) do not claim land and will never be abandoned

Weapons Rebalance
Weapons now deal damage relative to the level they become available
Added 8 new weapons of different types to the early, mid and late game


Feat Dependencies Rebalance
Removed dependencies from certain feat chains to allow you to spend points more freely
Every 10 levels you will now gain bonus skill points