On the one hand I'm happy with this change, as Calabar had pointed out, the cross-faction mount restrictions were a little extreme. Though the argument can be made that the huge curve helped the hard-core players by providing them with a difficult reward, I never saw it as all that appealing for anyone but the most die hard.
I wanted my human rogue to have a saber mount, I decided. At level 1, I moved the rogue to Teldrassil and leveled through every NE zone, took every quest for rep I could find. Now I'm 48 with it and grinding furiously to get to 50 so I can turn in Rune Cloth to move that bar along towards Exalted. 3k/21k. (Yes and Morrowgrain too).
Cut to this patch and I start a Warrior (I have a 60 warrior, but I wanted to level another one just to stay Fury :p ) and by 20ish he was Revered with Stormwind. No, that isn't a typo. Revered.
/sigh
Oh well, I like the change, even though my rogue's cross-faction mount has been somewhat trivialized.