At level 70 i love farming this stuff when i'm simply bored. I kill the saytr's in norhtern Azshara and can easily 2 hit them. Spend an hour farming can usually get around 10 pieces or so, which on my server can be sold 5g a piece. 50g in an hour? not too bad.
At 70 i know i could be farming much better money makers but theres usually competition farming primal waters and +aldor/scryer rep etc. So its great to farm felcloth