Notch has today revealed that ravines will be coming to Minecraft with the update to beta 1.7 as well as a how they will be integrated into players worlds.
Fear not that you will have to start a new world in order to find a ravine as they will be generated at random “in unexplored areas, and on new levels”. Ravines will be found by players only underground giving players something else to discover when mining.
Notch still hasn’t revealed when Minecraft beta 1.7 is to be released but as long as a lot of features are added I doubt players will mind waiting.