Now that 1.2 has arrived, the the cost of public land is reduced from L$3 to L$1. At the same time, landowners who release land to public will no longer be repaid for the purchase price.
This lack of repayment didn't devalue your land because everyone was paid the full L$3 per square meter of all land you owned the moment that 1.2 arrived. You were also paid $10 for each object that was rezzed. Object building costs and reimbursements are gone altogether.
In order to make the transition to 1.2, everyone who owns any amount of land will need to go to the “Account Summary” page and confirm the land use tier that corresponds to the amount of land owned.
But don't panic. Even if you have more land or objects than fit your current plan, you have until January 12 before you need to make adjustments.
Please check the v 1.2 FAQ for more info.