The new cloth is embersilk, the new created cloth is dreamcloth. I believe it has a cool down. There are several ways to create it with 30 of one of the kinds of the new elemental motes (volitile *).

I have not leveled my tailor in beta since cloth is relatively limited.

My advice on professions, if you have multiple teams... get at least one of each profession. Have the gathering profs in each team and a enchanter, so you can keep disenchanting once you gear out. It might take a little time but it's nice to have all the base crafting stuff available.