Dropped patch is being implemented
Meanwhile, the damage is being repaired, and to do 20% of the total loss, rather than 20% of weapon damage (from 100% to 120%, the overall weapon damage).There are also some scattered reports that DK tanks have gotten buffs sell Final Fantasy XI Gilto their Frost Presence as well, but no confirmation from Blizzard on that yet. Ghostcrawler posted that the change to Paladin health was intentional and that an announcement will be soon, and in the warrior thread said that they can't confirm when the hotfix for devastate will drop.
The culprit for the paladin health reduction seems to be the paladin talent Sacred Duty, although this has, at this time, not been confirmed by Blizzard so far as I can find.
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