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A couple of people have mentioned following schools of fish on the coasts - I thought that you could fish pretty much anywhere (unless you get the message that there are no fish there, of course). Do you have a higher success rate when you actually cast your bobber into an area with fish?
I know that for the fishing tournament there are specific schools of fish you need to aim for, but has this been changed for all fishing?
You can fish anywhere an still get the regular mix o' fish.
However, there are also specific fish schools (firefin, blackmouth, sagefish, greater sagefish, deviates and wreckage) that will yield a much different mix of fish.
For example, from a firefin snapper school you will either get a firefin snapper (maybe 80% of the time), stranglekelp, or an unlocked chest. Wreckage will yield a chest, rum, bloated fish (contains gem), or stranglekelp.
There are different chests for different areas. Higher level chests contain better items, and they are usually level-appropriate for the area. I do a little happy dance whenever I see wreckage.
If you are going after a particular type of fish (e.g. fishing the tainted oases for deviate fish) it is to your advantage to search for and fish the schools rather than stand in one spot and catch mostly other types of fish.
Predictably, the price of these schooled fish has dropped because they are consequently quicker to catch.