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From a "fun" standpoint respecs suck. A a person who enjoys both raiding (Holy for BT, Ret for Hyjal/T5/T4) and PvP (Holy for Arena, either one for random BG weekends) I find myself respecing a ton. It isn't fun to have to run to Ironforge every raid night and spend another 50g to maintain my raid spot.
However, from a practical standpoint respec costs are nearly required in the game. As of right now there are only two constant things to curb inflation in WoW: respecs and repairs. You can say that the large "gold sinks" are designed to also do so, but as a one time cost there is a point where they are no longer effective at removing coin from the economy. From that perspective, allowing free respecs would lead to rapid inflation and soaring prices in the general market, as gold is so easy to make but with nothing to spend it on.
I could see the addition of one large "gold sink" tab for your talents. A 5000g cost to save one spec that you can switch to for free seems reasonable to me. You would still have to pay to spec another way, but you could then quickly and free of charge switch back to your other spec. It still keeps inflation in check by maintaining a respec charge, but it also makes it easier to swap from PvE raid spec to PvP Arena spec for much less cost.
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