Many coveted crafting components are being added to a new vendor in Dalaran, who will now sell all eternals, Runed Orbs, Crusader Orbs and possibly Frost Lotus (this one could be a bug). The new vendor will exchange crafty orbs and eternals for Frozen Orbs. Eternals will cost 1x Orb each, Runed Orbs are 4x Frozen Orbs and Crusader Orbs are 6x Frozen Orbs. This change has already caused a spike in the price of Frozen Orbs on live servers. So far Runed Orbs and Crusader Orbs seem relatively unaffected.
This is going to cause some pretty huge shake-ups in the crafting world. This should bring down the cost of many craftables, namely crafted gear from Ulduar and ToC recipes. The price of orbs will no longer be throttled by raid activity, which should put 226 and 245 gear in more players' hands. Titansteel should also become more widely available since the cooldown will be gone. At this point I think we should seriously consider the possibility that ICC recipes will be on the table soon in conjunction with the planned dungeon "nerfs". I take this move as a clear indication that Blizzard wants everyone to experience maximum raid content before Cataclysm rolls out and they are prepared to facilitate that process.
To be honest, I expected some of these things to be rolled out with Cataclysm (similar changes were implemented in the WotLK beta). But I never would have expected to see major cooldowns removed while players are still actively raiding these dungeons. Oddly, they also added a cooldown to the Glacial Bag recipe, which I find kind of weird. If it hasn't needed one for the past year, why impose one now? I know they made some of the WotLK reps easier to grind, but certainly not anything that would result in a flood of this particular item right?
Also, there is word that a new Flying Carpet recipe for Tailors is available. I have not been able to locate this on the tailoring trainer/vendor or Frozen Orb guy in Dalaran. Also some of the ink requirements have been reduced for glyph recipes. There are also some pretty significant changes being made to the Auction House interface, which I'm sure will make lots of folks happy. I'll continue to monitor these changes on the PTR and bring them to you as I find them!
For now, here's a pretty screenshot of the Orb vendor for you to drool over: