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Well, let's look at Scarlet and Cadinal Rubies as an example, they are generally the most sought after I find.
A scarlet ruby (prepatch) on my realm cost about as much as a frozen orb. If I am going to buy something for 50g, I might as well buy the scarlet ruby and xmute, or more predictably, the AH price will self adjust cardinal rubies to cost as much as a scarlet ruby + eternal fire.
The rest of the gems are less worthwhile, as they are significantly cheaper than scarlet rubies. Although I do find Eye of Zul to be stupidly conspicous at 3 forest emeralds, I wish it was forest emerald + eternal water. I mean, why did they skip eternal water in xmutes? Green is the least desirable gem, loved mostly by tanks for def/stam.
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