Two weapons, unequal power
Verigan's Fist is the original level 20 Alliance Paladin weapon and comes from the questline The Test of Righteousness. Since Forsaken Paladins exist, the Horde has a similar reward from the quest Old Fire-Eye: Wolfsbane. That weapon is much stronger, because it also has a flat damage proc that deals bonus damage to Worgen.
The new effect
Some Alliance players had criticised the imbalance in a forum post and hoped for an update. The latest build gives Verigan's Fist a similar effect. It is called Holy Forgefire: the target is ignited in the flames of the Great Forge and takes 39 to 59 Holyfire damage. Against Fire Elementals and Earth Elementals the effect deals three times as much damage.
Original report: Wowhead