Okay, I don't believe I've seen a post on this yet. So, I would like to talk to you about my new discovery. I've always loved the farming potential of essence of airs; they sell really well as I am sure you have noticed from my post about them. I have, however, found a new essence I am completely in love with! Let me tell you why.
I created a DK Enchanter and have gotten into the late 300's on her. Well I recently took the profits I was making from the twink chants and invested in the Spell power enchant (5000g). This turned out to be a huge mistake, which I discovered today. I went out and found the Healing Power enchant (2000g) which after the changes is now a +29 SP enchant versus the +30 of spellpower enchant.
Long story short... based on the AH prices the spellpower enchant cost about 500g in mats as golden pearls are insane (200g or so) and will net you about 550G (50g profit) and the HP enchant should be about 150g in mats and net you around 450g. The most expensive of the mats for this enchant being the Essence of Waters (30g each on my server and the chant uses 4). So I went out and took a look at what the Essence of Water drop rates are. Here is what I found.
The Essence of Waters drop in a very similar fashion as the essence of airs they are a 20%+ drop rate from two lakes in eastern plaguelands. I took about 30 minutes or so farming and ended up with about 20 essence of waters , 5 Globe of waters (on burning blade worth about 15g each), 10 Elemental waters (4g each) and 80 or 4 stacks of Enchanted water (worth 1g each? please someone explain why). just with the AH value i see this as easily hitting the 1000g an hour farming mark. But also if you have an enchanter that 150g in mats will net you a 450g scroll... so the sky is the limit on this tip!
See the below map for the farming spots. you can farm one out and go to the other. by the time you get back I have found the spawn timers have reset. Let me know what you think.