Originally Posted by Ukerric
The glyphs are consumed. They are cheap also, if the real recipes are indicative.
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Currently the glyph recipes are almost certainly broken for most glyphs other than the druid ones. However, the scaling on the glyphs does indicate that they seem to be fairly cheap (I'm at 175 skill, and the reagents are worth about 1g for the glyphs at that level - 5 smashed herbs make about 3 glyphs worth of components).
They glyphs stack in 5s. You can put them in, and shift-right click will remove a glyph with the warning text "destroying it".
Looking at the later mats - I would say that most expensive glyphs (not the most powerful either, some of the very low level glyphs could be considered the more sought after) - are in the order of 5-10g each if the herb smashing requirements stay about the same.
The one hour cooldown appears to be invoked on each specific glyph, and not the glyph socket. So, when I placed "Glyph of Arcane Missiles" into my glyph page, the remaining 4stack of "GoAM" had a 60m cooldown on it, but the "Glyph of Frost Nova" didn't, until I put that into the glyph page.
So, in theory you could swap as many times in the hour as you have different glyphs that you want to put on the socket, as they didn't appear to have a shared cooldown (note, my testing is pretty selective an minimal at this stage)
NOTE: Most glyphs currently use moonglow ink, mage royal and 1 of each type of the paper. However, the druid glyphs follow a more sensible path using up different types of ink as the skill level required gets higher - as you'd expect from normal trade skills. I can only assume that the druid glyphs are correct, and the others are NYI.