Check out the MMO-Champion thread here. The forum users working on this have really done a spectacular job figuring out this puzzle. Big grats to them!
So, what do we do once we get something as awesome as this? Speculation! Many of the staff icons and files were named "Firelands," so it is safe to assume that most of the epic staff is put together in Ragnaros' domain. However, there's also a Timeless Eye item mentioned, and the staff's body is made from wood. Wooden weapons don't seem to be Ragnaros' deal.
The Timeless Eye definitely points towards Caverns of Time something or other, and with the body of the staff being wooden and definitely not of the Firelands, we're looking at night elven stuff going on. We'll find out, sooner or later.
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