"As an essential step towards the Minecraft modding API, and also for sanity's sake in our own code, we're removing Texture Packs and replacing them with a new Resource Pack system. Ultimately, every mod/plugin will be its own resource pack, vanilla will be a resource pack by itself, and users will be able to apply multiple resource packs at once."
Are you looking forward to the new customization opportunities, or are you still rocking a discontinued texture pack from Minecraft 1.4 that you can't give up? Either way, you might be glad to know Mojang is working on a 'converter' for Minecraft 1.5 texture packs.
Source: Github