My second most anticipated new feature in the Tides of Vengeance update is the Battle for Darkshore Warfront. It’s the second cyclical battle between the Horde and Alliance, in which each faction takes turns gathering resources, fighting in a pitched raid battle and then controlling the Darkshore zone. In what I hope will be an improvement to the Warfronts feature, the controlling faction will gain access to diverse world quests in the zones they control, rather than the “kill x of y” quests from when it first launched.
I think you have legitimate concerns, but to be fair the squish already happened, the numbers just haven't caught up yet. You can already craft current-expansion items starting at crafting level 1, and those crafts generally award 3-5 levels each. So squishing the ranks from 800 down to 100, doesn't functionally change anything, it just allows crafts to only award 1 skill point per use, instead of 5.
The Escalation patch has introduced several new scenarios with respective heroic modes that provide shiny new loot. It is still too early to predict which of these will demand the highest prices at the auction house or AH, since it can take weeks for players to work through the content and determine the value of the new drops compared to the existing items. Many expect the rarest and most prized drops to start commanding handsome prices starting June, so just keep your eyes peeled for popular WTB requests in general chat and high-selling items at the AH.
Allied races aren’t much better. You can only earn them by grinding out reputation. It doesn’t take that long but casual players will need to invest a couple weeks primarily to it, and focusing on that grind will take you away from others, like earning gear. Each race has its own grind, but the things you do to work through it remain the same, adding to your boredom.
In a few months only mats will be worth anything. At this point we have people with tens of millions of gold and people with just a few thousands. A flask takes tons of mats to make, and they will sell for well over 10k gold each, so the casual players won't afford them. When people realize that the rich guys will always take buying from the AH over farming their own mats, the prices will go even higher, then casuals will notice how expensive flasks are, and they will pick up alchemy and make more flasks, driving the prices down again.