You can spec in one of:
Master of Elixers
Master of Transmutes
Master of Potions
When you do this, anytime you create one of those items, you get a small chance of making a second item, so lets say you have to make 1 Super Healing Potion, there is a small chance you might make 2 of them.
It is a nice little bonus IMO for Alchemists.
Here is a copy/paste of more info from the Beta Forums:
Master of Potions - Allows an Alchemist to sometimes create an additional potion when brewing high level potions
Starts with Quest from Lauranna Thar'well at Cenarion Refuge in Zangarmarsh
Quest sends you to The Botanica in Tempest Keep to retrieve The Botanist's Field Guide from High Botanist Freywenn
Also requires the Following:
- 5 Super Healing Potions
- 5 Super Mana Potions
- 5 Major Dreamless Sleep Potions
Master of Elixirs - Allows an Alchemist to sometimes create an additional elixir when brewing high level elixirs
Starts with Quest from Lorokeem (Grand Master Alchemist) in Lower City Shattrath
Quest sends you to Caverns of Time to collect 10 Essences of Infinity from Rift Lords and Rift Keepers.
Also requires the Following:
- 5 Elixir of Major Defense
- 5 Elixir of Mastery
- 5 Elixir of Major Agility
Master of Transmutation - Allows an Alchemist to sometimes to get greater results when transmuting materials
Starts with Quest from Zarehvi at The Stormspire in Netherstorm
Quest asks only for the following:
- 3 Primal Might
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Labels: alchemy, burning crusade, elixirs, potions, quest, transmute