Additionally, the Cooking School Bell is unfortunately not the new Pandaren Children's Week quest item. It's part of the new cooking dailies. [source]
Achievement Title Reward
Many have been requesting for a pet collecting title to proudly sport, and this request might be fulfilled in MoP!
The achievement Time To Open a Pet Store now rewards the title Tamer
A Cooking School Bell was added recently, and as the tooltip indicates, this item appears to be an item used to summon a new orphan for next year's Children's Week.
It's likely that the orphan NPC will be a Pandaren child, and the quest chain will start in Pandaria. We will have to wait and see what the rewards will be for completing a new Children's Week quest chain, but maybe it will include a companion pet!
New Pet Battles Item
Another new item was discovered from the most recent patches. Datamining revealed a Battle Pet Bandage. It's currently unknown where this item comes from, and how the use of the pet bandage will be integrated into Pet Battles.
However, it does seem probable that pets will require healing and sometimes reviving between battles. [source]
Pet Battles Still WIP
Pet Battles are still not quite ready for testing, however there have been consistent updates and changes to the UI and the battling system with each beta patch. We will have more in depth coverage and details of Pet Battles once it is fully activated on the beta.
For those curious and would like to read more about Pet Battles in its current state, feel free to check out this blog post or the WarcraftPets forums.