If you are a current max level Alchemist, you can go to the Master Alchemy Trainer in Hellfire Peninsula for your faction, and train the Mixology ability, which increases the benefit you get from Elixirs and Flasks that you can make… and not only does it increase benefit around 25% like WoW Insider says, but in the Beta it was also doubling effect durations!
C’mon… I know a LOT of max level Alchemists… and I had NOT heard this was in the game until I read WoW Insider this morning.
Oh, and a previous commenter was darn right… Lifeblood, from Herbalism, IS NOT on the global cooldown. Pop that sucker whenever you want, add it to emergency macros, whatever. Rock it up.