A poster on the Elitist Jerks guild forums says a rogue and shaman in his guild (he's part of Paradox on Eredar) are supposedly selling arena spots on highly ranked teams. These guys go in, get the rating up to 2000-2100, and then charge 500-800g (depending on the rating) to join the team and play 10 matches. At the end of the week, "customers" pick up 500-600 arena points, and within a few weeks and a few thousand gold, they're buying a Gladiator's weapon.
Is this cheating? I don't think so, any more than the selling of Onyxia slots way back when was. This team is probably known on the server (or they will be now, if they're not already), so anyone but the two guys running it won't get the respect those with such a high ranking normally would. And if the two guys can actually hold down a 2100 ranking while adding in random people from week to week, I say they deserve the cash.
Who knows what Blizzard will say, though. Sometimes they're hands off on this stuff (I don't think they ever had a problem with guilds selling raid spots), and sometimes they take an interest. To tell the truth, I'm not really sure how big a market there is for this anyway. Would you pay 3000g to run the arenas 10 times a week and pick up the epic weapon when you're done?
Update: Robert says in the comments that he talked to a Blizzard GM about this, and the GM says it's cool. So there.
[ Thanks, Robert! ]