The Dalaran Fishing Dalies are a great way to get a chance at some high cash items as well as some great BoP items. Fishing is probably the most hated prefession of all, but it can be a very lucrative profession. This post won't touch on those topics. This post is geared towards the Dalaran Fishing Daily Rewards.
There are 5 random fishing dalies. Each requires you to be level 70 and they all reward 250 Kirin Tor Reputation, 12650-23980 XP or Gold (if 80) and 1 Bag of Fishing Treasures.
Some of these are easier and faster to do than the others. The 3 easy ones are for the ghostfish, severed arm (thankfully changed in a recent patch), and the sewer quests. Terrorfish is easy as well being in Wintergrasp, and the only far one is Blood is thicker, which is super easy and fast its just farther away. Any of your eligible characters should be doing this daily or at least the ones in town when they are up in the rotation. Some quick easy money with the chance for some awesome rewards in your bag.
This Bag of Fishing Treasures is the real reward here. Each one has a chance to drop some great items such as Epic Gems, Unique Fishing Poles, Vendor trash, Deviate Fish, and all sorts of goodies. After researching this topic, I just learned that there is a chance to get a Vanity Pet that I didn't even know about. Hell, there are even vendor trash items that can be sold for 100g!
Here's the list of loot from the Bag of Fishing Treasures. And if you get really lucky (0.2% chance) you may find a Tiny Titanium Lockbox, which can contain gems, stormjewels, green or blue BoE jewelry with random stats, or the epic BoE Ring: The 5 Ring. The 5 Ring (epic), The Lost Ring (blue), and Forgotten Necklace (blue) are all BoEs that only come from the Tiny Titanium Lockbox. Good luck though the 5 ring has a 3% chance of being in the Tiny Titanium Lockbox which is only a 0.2% chance to be in the Bag of Fishing Treasures.
The real key here is it takes just a few minutes to get the quest completed and get your reward bag to see whats in it. Look at the list of goodies that can be in there. Some of the greys like Diamond tipped Cane can be auctioned off as well. They are sought by bank alts. Who doesn't love vendor trash that sells for hundreds. Maybe you get lucky and get a Sealed Vial of Poison or a Waterlogged Recipe. These are both worth hundreds. While these dailies aren't guaranteed great gold, they do have a chance to be very rewarding for just a few minutes of work. Also of note, they changed the horrible quest to get the severed arm from out in Borean Tundra fish pools to the area to fish for it being right outside the Violet Hold in Dalaran just yards from the quest giver. These same waters are also great for fishing for a new tank food, Slippery Eel, which was added recently. This little snack gives 40 dodge rating for 1 hour.