For story, nothing is lost here (and it arguably flows a bit better without the new stuff).

For gameplay, this kinda sucks. Luso and Onion Knight weren't anything special, but Balthier's job class was interesting and Dark Knight was a fun goal to grind towards with a big payoff at the end. Agrias' birthday event had an item that was great for Geomancers, too, and that's one of my pet jobs. Since they aren't adding new battles, this also means the game is shipping with nine fewer battles, not even including the cut multiplayer content. My biggest complaint with FFT was always that the side content was thin, and this is really not helping.

That said, what this article doesn't mention is that they are still including the animated scenes from WotL, though it sounds like they won't be in the main story, just additional content in menus. Plus, a lot of the WotL improvements over the base game (bug fixes and upgrading the script, some nice job tweaks) are already in the scope of this project anyway, and it appears it won't have the negatives, like the slowdown bug, the bad sound, or the weirdly stretched aspect ratio.