And when is TWW coming out ?
Warbands are a form of account wide progression system that allows you to have an account wide bank, Gear that you can send to alts, Account wide renown tracks and a few other things.
We haven’t even gotten in to Alpha yet for TWW. Best guess for release date is late august early september.
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Warband allows you have an account bound bank, account wide reputation (starting with the warwithin and slowly working its way down to previous expansions which will take a lot of time and not all at once), have 4 characters around a campfire on the screen for you to choose from (the other characters are on a list like normal). And thats pretty much it for warbands atm.
TWW is probably coming out in August as they said late summer.
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Warband is basically “pick your four toons” and share it all.
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Have you ever ran old instances, cool mog dropped, and you said “oh no, can’t mog it” begrudgingly? Not anymore. No more running multiple alts through old instances, you can have 1 designated mog runner alt who will be able to learn mogs for everyone in that warband.
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I have a question about that, so they weren’t very clear if tier sets followed this system. So like if i get a tier helm from another class is it unlocked account bound?
Very very good question
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I seriously doubt it, that would be too unbecoming of Blizzard to be THAT cool. Class locked tier sets will still be class locked.
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So everything is account bound but the actual tier sets that people actually farm the old content for? Good to know they missed the bullseye and hit the cow behind it. Seems like old blizzard is the same blizzard.
Well, luckily 90% of the tier sets in wow aren’t class locked, but just armor type locked (I don’t know what the hell happened in legion but damn that expansion has too many class locked tier sets, especially antoras sets.) This is manageable.
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I really hope that with account wide banks we have a AH like setup for the regent bank, so just item icon with a number after it in list form instead of taking a bank slot. Although, I suspect they will do a copy paste of the guild bank into our players bank. I also hope they take the time to separate items by expansion. (Even though I am a long time players, I do get items from older exp mixed up and need to look things up, etc.)
its your whole account, not just 4 toons.
Thanks for your answer
As other have said, it’s basically more account-wide sharing.
Your faction reps will be shared across all chars where they can.
Your learned flight paths will be shared.
With the exception of class-specific items, it will allow you to gain transmogs for armor types you can’t equip, so if a cloth char. picks up a plate piece, it will become available for any plate-wearing chars.
It also introduces “Warbound” which is essentially account-bound until equipped. Most of the BoP items that would have been Soulbound to the character that looted it will be Warbound until one of your characters equips it, at which point it becomes Soulbound. This allows you to send many unneeded or unequipable pieces to an alt that currently you would like just vendor.
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It has nothing to do with picking characters. That’s only your login screen.
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It’s a name to give context to a slew of QoL improvements that came with rebuilding the core character processes. Instead of listing them all individually, they just slapped a cool name on it.
But there is almost always a good chance another variant of the piece of gear with the same appearance non-tier exists in the same raid or in the world. That would be learned across your account.
You are quite welcome. I hope that it helped in some way. 
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Relatively minor quality of life changes they are passing off as a major expansion feature since dragonflight 2.0 is coming pretty barebones.