Wow it sounds like you guys are just making $hit up, so let me set the record str8.
Can you still get it?...yes
Do you get stats from it? yes
Doesn't it have a lvl requirement? They put a level 70 requirement on it in the patch after they broke the Queue system which forced the Ruin Migration. They removed the level requirement in the 4.0 patch; things change, don't trust everything you read, especially from old thread responses.
Currently the only way to get it is from the "Bag of Fishing Treasures" awarded to anyone who turns in a black-tipped shark after the winner is declared in the Kalu'ak fishing contest which is once per week on Saturday @ 2pm server. From my experience chances of getting a shark are probably around 1 shark per 3 contests assuming that you are fishing the ENTIRE contest.
In Cataclysm it is a rare drop from the "Bag of Shiny Things" which is awarded by completing the fishing daily in Stormwind or Orgrimmar.
My Reccomendation: wait 2 more weeks for cataclysm then you wil be able to get a shot at the WBFH everyday. It may still take you a month or more to get but your chances are much better than getting it from the Kalu'ak fishing contest.
So true