Szass, you're so right. Same situation on wool and runecloth on my server... and wool STILL sells even if I "compact" it into bolts to save bag space on farming run.

I also noticed, there is fairly good market for TBC bags - the 28-slot herb bag from Sporeggar, particularly. It is a rep recipe, but when I leveled my alts, I ran underbog many times via RDF, and nobody bothered to pick the Hibiscus nodes except me... And some were on AH fairly cheap, not to mention the fact the place can be soloed by any fairly-geared and knowledgeable 80 if all else fails. These flowers give 250 rep per 5 on the turn-in quest, so sporeggar rep can be had fairly easily these days.

Spellfire Bag, the equivalent enchanting bag, is bigger P.I.T.A. mats-wise, but may be still worth a go depending on local economy. 24-slotter is a rep recipe with hard-to-find mats, but there MAY be money in the 20-slotter, with a caution tag - these have a vendor equivalent that can be bought for 14g, so you need to be able to buy mats cheaper to sell below the vendor price with a profit.

Cenarion Herb Bag is good only if you have a friendly herbalist and therefore can get morrowgrain cheap; non-herbalists won't produce it cheaply due to lower "drop" rate. A 24-slotter, Satchel of Cenarius, is a Vanilla rep one, and mats are not cheap either.