yay! http://tremulous.net/clientnews.txt
Yes that's the file that's downloaded and displayed when you click the "news" item in 1.2 clients.
That was what I wanted to tell people :/
But it's really just a simplification of the main page news...
For now, yes it is. In the future that'll probably change.
Also it looks great in-game. (attached)
Khalsa