It still works, but you need to actually do a chunk of damage to teremus to tag him. I kited him a couple times using only rank 1 serpent sting (immune to it, but keeps him following), and got no loot when he died. The next times I used aimshot + multishot to pull, then an extra multishot or arcane shot every once in a while when I could spare the mana. Easy loot at the end.
It is possible to solo kite it, but it is VERY tricky -- moreso than artorius. You need to stay at 40 yards away while kiting, and when he begins to cast his soul consumption (shadowflame looking thingy), you need to stop shooting and take off running because it has a 45 yard range. If you can't make it out of range in time, switch to aspect of the monkey right before he casts it to make sure you don't lose distance.
The easiest way to do this is with 2 people, a hunter and a priest. Kite using whatever method you like best, and have the priest shield you right before the shadowflame. It will absorb all the damage, and you won't get dazed. If you accidently get hit, have them pop a renew on you. Just make sure to do enough damage to teremus so that you're above them on the aggro list.
I personally have killed teremus this way every day for the past week. I'll probably cut down on it though because of reports of people getting banned for it. You'd think that if they didn't want it going to stormwind, they'd leash it to the blasted lands like Kazzak or the servants of allistarj.