Favorite Item...this is gonna be a easy one!
I think its the item I farmed BRD for over and over until I got it. And this was before the portals were added in in 4.0 so something.
Ambassador Flamelash drops the Circle of Flame. Awesome item with a 5% drop rate. While it is not transmogrifiable for a druid, I will still throw it on just to strut around Stormwind.
I've had a total of two of these drop. Second one I was running my daughter's priest and Viola! She got a nice epic drop.