@Shadesogrey Yes! We are working on something...- Cory Stockton (@mumper) November 10, 2013
Obviously this particular item didn't make it onto the list of major features and new content we'll be seeing in Warlords of Draenor. This likely means that we won't see this feature in place with the launch of Warlords -- given the amount and variety of armor currently in World of Warcraft, a project of this scope isn't something that can be completed overnight. But for those transmog-addicted players like myself that have been dreamily staring at the sleek and space-saving new Diablo III system, it looks like our fondest dreams will in fact come true at some point in the future.