I do. Enjoy long pointless grinds. Because that's what fishing is, at its base.
Big shiny thanks to El's Anglin, as usual. The best site for your (Warcraft) fishing needs.
I plan to farm the easier-to-grind equipment, particularly if the method has a pet in the vicinity. I think with the upcoming gear system, it'll be important to have your fishing set pimped out.
For beginners, look for a strong pole on fishing vendors (always have a stack of baubles on hand, or on your bank character) until you can quest for Seth's Graphite Fishing Pole (level 60) or the horde only (level 50) pole that's the best before winning the tournament or level 80.
At 80, work on becoming Exalted with the Kalu'ak for their epic Fishing Pole that lets you breathe under water. Also for the penguin pet.
Some people have the tournament fishing pole, which has the most fishing skill of any pole. It's 5 above the Kalu'ak pole BUT doesn't look as cool and doesn't let you breathe underwater. Pick which you prefer. Me, I like the Kalu'ak one. If you need to win the tourney for Salty, consider getting the second prize, a trinket that turns you into a fish with underwater breathing and increased swim speed, since that's kind of awesome and will help you get around for underwater quests.
A line is like an enchant just for fishing poles. It's permanent until you replace it with a new one.
You get +3 fishing from Spun Truesilver Line, a drop in the Outlands fishing daily.
The best line (+5) is from the Queenfish (0.18% droprate) you can get from the Tastyfish pools on the outer edges of Stranglethorn between 2pm and 4pm server time on Sundays.
Now this is weird, because you usually get the best items from the Sunday fishing tournament. But while a really great (and cool-looking) +5 hat (from turning in the Angelfish) can drop 0.25% of the time from Tastyfish pools 2pm-4pm Sundays, the BEST hat (also +5) actually drops from the Outlands daily -- it has a use effect to put a free 10 min +75 lure on your pole.
Available Hands and Feet
There are no fishing gloves at this time, but there is a +2 glove ENCHANT. So find some nice gloves you think look fishing-worthy. Someone once recommended fingerless ones, which I think sounds nice.
There are no boot enchants, but there are +5 BOOTS from the Blue Racer (0.23% droprate) fish at the 2pm-4pm Sunday tournament.
Get the ring that ports you back to Dalaran (sold here*). Requires level 80 and 8000g at Neutral or 6500g at Exalted. (1 hour cooldown, so basically a second hearth.)
Go to Shattrath every day for the fishing daily, particularly the Crockolisk daily which is the only one of the quests that can drop the four crockolisk pets.
(If you're a cook and don't have the Delicious Cake recipe, do the cooking dailies too. It's an achievement.)
Spend a little time farming the Mr. Pinchy pet in Skettis.
If Sunday, grind for rare fish or participate in tournament (depending on wants and mood).
End circuit, use ring to hearth to Dalaran.
*This ring is among my top 4 best rings before raiding, and I wanted one anyway.