Well, the latest testing from the patch 4.2 PTR has reduced the price of uncut gems, too. On the live realms, they vendor for 100g a stack, leaving a decent vendor floor price for ore. Once this change goes live, they will be worth 50s each or 10g a stack. This should indeed have the desired effect of causing fewer of these to end up vendored for inflationary vendor money, with the potentially undesirable effect of making mining less profitable.
Assuming you're transmuting, disenchanting, or otherwise making good use of 5 of the 6 colors of uncommon gems, this will likely not change your life much. You will make 10g instead of 100g when you vendor a stack of the borderline useless Zephyrite, but most of your money will be coming from the other activities. Also, you can still occasionally sell these to other jewelcrafters for their daily.
Bottom line, though, is that the new "floor" price of Elementium Ore and Obsidium Ore is basically gone now. There are no more guaranteed sales, and if you flood a market (like enchanting mats) by processing thousands of stacks of ore, you can't count on any vendor based fallback to at least get you your money back.
The news is already rolling out for the upcoming WoW Patch 4.2! Preview the new Firelands raid, marvel at the new legendary staff, and get the inside scoop on new quest hubs -- plus new Tier 12 armor!