So long, Keyring! Blizzard just announced that the Keyring will be disappearing in World of Warcraft patch 4.2 "in order to free up that space for new features." Keys that no longer serve a purpose in the game will automatically be removed from your inventory, while keys that still serve a purpose will be transferred into your regular inventory.
Bashiok also hinted that this change could "potentially allow us to play around with the amount of default storage space you’re allotted down the road." You can read more about the logistics behind the removal of the Keyring in his full post after the jump.
UPDATE: Bashiok has posted a tentative list of keys that will likely remain in the game and be moved to your inventory. He also clarified the purpose of the Keyring removal: "by removing the Keyring we can clear up some literal UI space for a Dungeon Journal button, and Raid button, and we also get some storage room back to use for upcoming features."