This has most definitely happened and it's just as bad as Embersilk Cloth was in Cata now, possibly worse.
Used to get 2-3 stacks from doing GL + Klaxxi dailies and now I'm struggling to get even enough to make the 8 Windwool bandages needed for the Cloud Serpent daily.
While I agree that it was a little out of control (I got 2 tailors to 600 off of it and a bag full of enchant mats) this was a step too far in the opposite direction IMO. At least it'll give me incentive to level my tailor alts for the profession bonus to cloth.