Just as the title says, it gathers nothing if you have it out with you. Sure you get a message "Your pack pony gets a bonus harvest from <insert random BoL node name here>" It just doesn't say what it actually harvested, like it does in other expansions. However it doesn't actually pick anything up. I have emptied my bags and flown, walked all around Luclin zones and not a single harvest in my bags. This "break" in the pony happened during BETA (around time the trade-skill line was activated) and was reported then. The pony also does not give any messages whatsoever in sinking sands, nor does it harvest there.
re: todays/tonites update notes Blood of Luclin Harvesting The Pack Pony, Pack Bug, and Pack Snail should all now plunder the correct tier resources and types from nodes within Blood of Luclin Not sure if that will be a fix for sinking sands as well though