Actually you can only make 4 cloth every 80 hours. So it's currently 160 hr (minimum) cooldown to make 8 cloth. Quite comparable to 168. I'm not sure why they're doing that to the bags though. The removal of the cloth cooldowns will let people make the other crafted items that require special cloth a lot easier. Why must the bags still be hard to create?

Yeah but you can only make one cloth every four days right now. So, a 16 day wait to make one bag if you are not buying cloth, vs a 7 day wait for a bag. It's an improvement anyway.

Assuming you are specialized in one of the types of cloth you make 2+1+1 every 4 days. You can easily trade the 1 spellweave for one of the others and end up with 2+2 every 4 days (which lets you make a bag every 8 days... or really every 160 hrs if you were to hit every 20 hr cooldown).

This is one of those rare situations where it's best to wait until the patch to capitalize on instead of trying to game it now, since it should hopefully create a situation where the materials drop in price but the actual goods stay at the same place.

>Why must the bags still be hard to create?<

Bags continue to have an indefinite value, more storage remains more storage until a larger one comes to replace them. Most of the cloth items are already replaced by better items though.