Right off the bat, I'm going to have to admit that I am thoroughly disappointed with Cold Weather Flying. I think there's a few things that kind of irk me, and they're probably mostly based on past experiences and expectations.
Think back to when you first hit 40 (or now 30) with your first toon. You had to do your normal routine of going to a major city every 2 levels to train, but then you also had to go off somewhere special to plop down your hard earned cash to get your mount. You had to go off to special nooks such as Menethil Harbor, or Eastvale Logging Camp, or Darnassus (yep, it's that far out of the way). At 60, you had to again break the bank and head off to these same people.
At 70, you had to head out to Shadowmoon Valley to be able to fly. And, oh the freedom! You get to soar above all these trash mobs that you didn't want to kill anyway. You could swoop down on unsuspecting mining nodes. The sky was the limit! (Okay, there is technically a ceiling, but it's still in the sky.) And the incredible speeds you achieved once you learned to fly those epic flying mount... well... that was just stupendous.
But now... at 77. I have get to port back to Dalaraan, pay my 1000g, and I get nothing new. Not another level of riding skill. Not a faster mount. Just the ability to do what I've done since hitting level 70, but now in Northrend.
Furthermore... because I still need to do quests, and I want to get the xp from the mobs, I find that the flying mount (with only 100% ground speed, if I'm not mistaken) isn't all that great. I hit a small hill and take off causing the mobs to evade. It's great for killing those named mobs, dropping out of the sky as if performing a death from above, but I've been doing that for years now.
I certainly don't know what I was expecting. I knew this was the deal all along. I'm certainly glad that I can now put the game on "pause" by flying up into the air in a random spot. I just find that I'm so under-whelmed with the non-newness that I had to post about it.
Edit: I thought of another example of this underwhelming in Wow as well. Druid's have these semi-epic quests to figure out how to turn into a bear and water form. Then at level 20, the trainer just teaches them how to become a cat. The expectation was set in the first 2 forms, and then completely dropped for the next 4. At least for swift flight form there's a quest you have to do at 70... oh wait... you can now train it at 71. Still... unlike Coldweather, at least you're learning something new in these examples.