Not bad! I mean, it sounds not bad. It doesn't really say what that effect is. A few guildmates and I decided to do a little bit of testing to figure it out, though. Using a few high-end Burning Crusade elixirs and low-end Wrath elixirs, we came to the conclusion that the bonus is around 25%. I would say 25% on the dot, but we ran into some conflicting numbers. Nearly 30% in one case, a little under 25% in another. That was probably the result of talents altering the outcome.
With the same 25% applying to flasks, that would add another +20 Damage to the Caster DPS flasks. Flask of Pure Death, for example, would now supply +100 Shadow, Fire and Frost damage. Not a bad deal, really. 20 damage doesn't quite match up to an Enchanter's ring enchants, but I think Wrath's Crazy Alchemist Potions will make up for that. Wild Magic, anyone?