I think it will be level 32. They're releasing it so people CAN get to level 32 for hard raid. The participation for the last one was already abysmal and since most people already have most of the pieces, this will guarantee 32 for a lot of them. Additionally, I think they'll make it so regular ascended shards can level the Iron Banner level 32 gear which is what is hindering a lot of players from getting to 32 (the radiant bull). If my assessment is correct, I'd be participating on a one of my subs because I estimate another 2-3 weeks before I can get the other 2 to 32 but IB will let me do it that week XD