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I mean, I have it in my bag, but will it still be there come cata? Or will it disappear?
Item's will always stay in your bag, and should never disappear with new expansions. So if you have the book in your bag, it will still be there after the release of Cataclysm. I can say this with confidence as I have had my current character since Vanilla, and have a lot of old quest stuff since before changes were made, such as the level 60 Onyxia head and horde head from AV before they were removed.
HOWEVER if Blizzard decide to change the item to a vendor grey, then you might be SOL. A prime example would be all the class books that used to teach new levels of spells (like the books in AQ20), which were replaced by grays which vendor for 10 gold. It is possible that these changes only affected newly looted books though.
Overall, if you are trying to sell it after Cata's release for big gold, then you'll probably be fine.
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