I've reported botters in the past--very obvious bots, ones that do rounds of Uldum, for example, 24/7 (for the last 6 months or so). They haven't gotten banned.
Blizz devs decided to make Poseidus's mount BoE. It's an interesting thought--those players who can't spare time to camp 24/7 have the opportunity to make gold when they ARE on, and acquire it that way.
The issue I'm finding, however, is that there are already botters and hackers after the mount, presumably to sell it for gold.
There's one dude who's a real player who is doing rounds ("this is my brother's account, i not brake rules

There's another who, when I was after buying the Crimson Deathcharger (STILL haven't found a new seller), /w me offering to sell me gold. This being a REAL player. "Because I like you, 1 euro/1000g" or whatever it was.
Yesterday, this same player /w me linking me to (and urging me to use) a plugin--read: bot program--that makes rounds of the spawnpoints and automatically kills & loots the mobs. I'm not amused by this in the slightest, nor did I click it, and I told him so. His response? "You heard of jungle rule? Kill or be killed?

What does it mean?
* I have no desire to bot, hack or otherwise cheat, not to mention risking my account to infiltration or banning.
* I now have to compete not only with other legitimate campers, but with botters and hackers as well.
* I know from experience that Blizzard does not--at least on my server--reliably or often ban botters or hackers.
I'm quite frustrated by this. It would be hard to earn the gold to buy the mount simply because my realm's economy is rather tanked due to botfarmers already! Other players are resorting to cheating to get this, and legit players are left having to deal with ridiculous spawn timers made up by Blizz + competition who are perfectly willing to cheat. (This is the part of the post that's just rage

I've made a post here on the EU forums, and I've ticketed it as well. I don't expect the players involved to get banned, though.
My main gripe through it all is that I'm sick of super-rares. Nobody forces me to camp them, I know, but if I do want them, the time one must put in is sick. Just sick. I've spent the majority of my time camping Vashj'ir since 4.1, combing the sea, visiting all spawnpoints--often alone out here for days on end, at least before the bots--and have not even seen the rare. Making it BoE on top of this, and not doing anything about the bots around, is just exacerbating it exponentially.
So a warning & a heads-up--if you're camping Poseidus, look out for bots/hackers. Report them, at the very least, but be aware that your time out there may be wasted if there's bots about.