Pre Cata I got very excited when I found this item, but it turns out it's been in the game a long time and nothing has ever come of it. http://us.battle.net/wow/en/item/20651
And the pet journal in MoP beta had a couple murlocs at first, but those were quickly removed.
So I try not to get my hopes up, it's always just a tease. If I want a cute baby murloc like the ones in Borean Tundra (not a murloc pet that has armor, or is charred, etc) I'll have to fork over about $2000 for Murky. But I can't say it's worth the money, even if you had the money how could you justify it?
I'd love to have a chance at any cute baby murloc, and the orange one I linked is my favorite! But I just don't see it happening. :0(