Quote from: Lylirra (Source)

It's a question you've been asking us for a little while now. And, based on all the posts, emails, petitions, and letters we received following the announcement that the Insane in the Membrane achievement would no longer be in available in World of Warcraft: Cataclysm, we started to wonder if maybe we had gone a bit loco.

So, we went back to the drawing board. After carefully reviewing all the feedback and discussing the matter amongst ourselves, we're now happy to report that we will be making the following changes to the Feat of Strength:

• Exalted reputation with Shen'dralar will no longer be required. As this is the only reputation that will be unobtainable in Cataclysm, we've simply decided to remove it as a requirement.
  
  
• For those who already earned Exalted reputation with this faction, don't worry -- we haven't forgotten about your accomplishments. In a future patch, we'll be adding in a separate Feat of Strength to recognize your deep love of Dire Maul.
  
  
• Bloodsail Buccaneer faction reputation will remain in-game. Also, to ensure that this change does not negatively affect Cataclysm quest progression in Stranglethorn Vale, Booty Bay Bruisers will now provide reputation up through Exalted.

This is great news and show's that communicating with Blizzard and Developers still has value in the community. This change trumps the original response from Bashiok two weeks ago.

Quote from: Bashiok (Source)

Insane in the Membrane is a feat of strength, not an achievement. Feats are things that you can't be guaranteed to complete, which is why they're feats and not achievements. Most of them are actually now impossible to complete, and this feat will join a long list of "you had to be there" moments in WoW time.

The feat isn't being removed of course, those who have it will retain it, however; some of the requirements are, so it will no longer be able to be completed by anyone who has not already done so.

It's possible that in some very specific situations where someone has completed the reputations which are being removed, but not others that will still be in the game, that it can still be completed. But it's something we're waiting for clarity on, and will let you know as soon as we do.