Well, keep in mind that there will almost assuredly be epic blacksmithing patterns dropping from ICC, so make sure you keep some in reserve for any of your toons that might want something made.

Titansteel will probably drop in price, but I doubt it'll drop by much, and it might drop at first but eventually go right back up to what it was after a week or two. The fact is, Titansteel itself is still on CD and used for the highest level of crafting, so it will always be highly valuable. The only way this change will lower its cost is that all miners that are too lazy/don't have enough time to farm up the titanium needed for their cooldown, will now have a different way of getting the mats for it IF they have an alchemist friend. If not, the alchemists will still surely charge them, so I can't see Titansteel dropping by very much, if at all.

Hmm, good point. Also, if titanium itself drops in price, then it will be easier to get profits on Titansteel in the future by simply buying T.Bars (if you count time as a resource, which I do).