I'm a lvl 70 moonkin and so far I have killed skarr 11 times and razza 10 times over the past 6 weeks or so. Here are my results. Oh, and I can confirm that the respawns happen every 6-8 hours from the time of last kill.

Skarr loot:
Orb of Deception (x4)
Serathil (x2)
Wolfrunner Shoes (x2)
Band of the Hierophant (x2)
Stonegrip Gauntlets (x2)
Serpentine Sash
Shell Launcher Shotgun
Libram of Fervor
Girdle of Uther
Dreamwalker Armor
Demonslayer
Earthborn Kilt
Lapidis Tankard of Tidesippe
Doombringer
Lady Alizabeth's Pendant


Razza loot:
Maiden's Circle (x3)
Bludstone Hammer (x2)
Torch of Austen (x2)
Doombringer (x2)
Scarlet Kris (x2)
Totem of the Storm
Band of the Hierophant
Staff of Hale Magefire
Orb of Deception
Libram of Fervor
Drakesfire Epaulets
Spaulders of the Unseen
Garrett Family Crest
Sword of Zeal

As far as what of that loot is worth anything, on my server the only thing that has sold decently besides the orb bas been the totem of the storm and the libram of fervor. Other than that no more than 20-30g per item. And many of them just aren't that great so I end up sharding them. Hope this can give some of you a clue of what you're in for as far as loot.