Frozen Orb will be Greed Only in Patch 3.3.3

When patch 3.3.3 goes live, we will see some changes to Frozen Orbs. They will be used like a currency to buy crafting materials. A new NPC named Frozo the Renowned will be in the Dalaran Magus Exchange and will trade the following items for one Frozen Orb:

• Eternal Air
• Eternal Earth
• Eternal Fire
• Eternal Life
• Eternal Shadow
• Eternal Water
• Frost Lotus

You will also be able to buy the following for multiple frozen orbs:

• Runed Orb - Requires 4 Frozen Orbs
• Crusader Orb - Requires 6 Frozen Orbs
• Pattern: Frosty Flying Carpet - Requires 6 Frozen Orbs, but also for the purchaser to be a Tailor.

The Frosty Flying Carpet will require 425 tailoring skill and the materials to craft it will be 1 Ebonweave, 1 Spellweave, 1 Moonshroud and 4 Frozen Orbs.

Another welcome change upcoming in path 3.3.3 is that the roll for Frozen Orbs will be an automatic Greed roll. Now you won't have to worry about one person pressing need after the other four have already pressed greed. This information comes from a blue post made on the forums here. Keep in mind that all of this information is still on the public test realm, so it could change before the patch goes live.