"New game plus - quests will have no rewards..."

[Niwashi]

Is this before or after they fix the bloat in the MSQ or simultaneous.

The first part to come out will only have the expansions' MSQ (because it will be before the ARR rewrite). They'll add the ARR portion of the MSQ to this New Game + feature when they rewrite it, so we'll get to replay the new version, but not the original one.