This transmute, even when performed in a city, is likely the best use of the shared alchemy cooldown. For a lot of realms, none of the other cooldown-linked transmutes (Truegold, Pyrium Bar, and the pre-Cataclysm stuff) are nearly as profitable as the Living Elements transmute, simply because as a general rule, Volatile Life is always among the cheapest of the volatiles. Transmuting it to just about anything is profitable, or at least not a loss. Now that we can force it, it's going to increase drastically in profitability.
Here's the list of locations and what they proc, taken from a blue post about a hotfix:
Transmute-specced alchemists also enjoy the chance of a double proc; however, the additional volatiles are completely random. You can force the primary proc but not the secondary bonus. Based on the fairly low drop rate from the Electrostatic Condenser, air will be the way to go for a while.
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