I was really disappointed. It looks really ugly to me, what is that in the face? Giant horns, giant whiskers (or ears?), and a mustache(?).
The color is defined by your race, pity if you play horde and can "decide" between pinkish and brownsish. Alliance at least can choose between white and black.
It has no run animation, it has no standing or sitting animation. Which is covered by the extended interaction animation (go pick healthstones with it!). People get dismounted when it automatically shifts into ground travel form. It plays the wrong sounds (I guess, no idea if the bat sounds are supposed to be played).
In short it looks ugly to me and has a few minor technical bugs that might or might not get fixed in reasonable time, ideally they at least allow us to choose the color variant.