We did a run through Karazhan last night, and not one but two of these popped up -- Froststeel Lockboxes apparently require 375 Lockpicking (the current limit is 350), and so we have no idea what this might hold. The Ashbringer? Frostmourne? It's Wrath gear for sure, but it could be anything!
No, only joking -- of course it's probably just some Northrend green vendor trash (although item level 73... that might be pretty good). Too bad we won't know until someone hits level 75, as lockpicking's general skill formula is five times whatever your level is. But apparently the last patch added at least some higher level loot to the world drop tables -- any of you seen any Wrath greens or other gear randomly drop yet?