EDIT: I forgot to mention that the fire watchers oath now cost 100 TIMELESS COINS! so you shouldn't really even need the censer at all anymore. you can just go buy an oath and be on your way.

http://us.battle.net/wow/en/forum/topic ... age=26#502
I for one am very happy with this change since farming the isle was soul crushing. I hated ganking helpless lowbies, i hated betraying my own faction and i hated the angry mobs that would hunt me down even if i was only killing after gaining permission to do so. I'm sure those of you who pve and are working to gear low level toons are just as happy to hear this news. it will take time for the news to spread and there will always be a few hard core jerks sneaking around but this should be a big step in the right direction for a peaceful farm for you guys and a less stressful farm for mount collectors.
this also means that after wod you don't have to worry about about the mount becoming unobtainable because the isle is abandoned.
IMPORTANT EDIT! (I forgot that someone with a US server can not see someone from an ocean server so you guys will have to help each other out on that one. Maye once my aman'thul alt hits 90 i can be of more help over there

DOUBLE IMPORTANT EDIT: the oath has been hotfixed one again. despite it being a very obvious method of farming used for farming halaa, it would seem that blizz did not intended for the oath to work on grave yard farming and have made it no longer possible to get coins from someone with rez sickness. They may ban players attempting to use this farming method so choose your farming strategy responsibly.