Taralej I think you're missing what's going on here. Blade of Wizardry not so long ago was selling for upwards of 10,000-20,000 gold and it was very rare, all of a sudden the AH is flooded with them and the price is dropping on a daily basis with many of them posted around 1000g, with other epics also showing up on the AH with prices decreasing daily. Class spell tomes are actually on AH for less than vendor price (pretty dumb but it's happening), rare enchanting recipes are selling for near vendor price, many darkmoon cards selling for effectively nothing.
The economy is getting slammed because the drop rate on what are meant to be rare items is too high. I haven't personally had an epic item drop, but I know people who have and I see the huge shift in the AH.. Of course it's about supply and demand, the supply is completely screwed with many things being worthless as a result.