5% was admittedly an exaggeration, just felt that low. I'd say it was probably closer to the 30-40% range. It was Artifacts of the Blacksilt, spent a good 10-15 minutes killing Blacksilt Seers to get two damn idols to drop. A quest that had me killing Elder Brown Bears for bear flanks also took quite a while, though that was less due to drop rate and more due to how spread out they were.

For Alliance it's Lok'Modan, Redridge, Darkshore, Felwood, Stranglethorn (both parts), Plaguelands. Somewhere between 3 - 3.5 of these get you to 60 in like a 16 hours /played, if you queue for dungeons at the same time. I recommend dropping everything at 45 and going to Darkshore-Felwood if you didn't do them yet - they are literally the fastest levelling zones in the game right now, maybe only trumped by Silverpine.
Something to keep in mind as well is that this will make enchanting materials more valuable, since it is likely most players will now simply scrap their boe greens instead of getting them disenchanted. Also redundant dungeon/raid gear can be scrapped rather than traded to the (guild) enchanter in the run. Less stuff gets disenchanted, meaning there will be less ecnhanting materials, meaning their value will rise. All the more reason to DE rather than scrap as an ecnhanter.