I was wondering, is faction transfer available on the beta?
Since pandaren will be usable by both factions I was wondering if, for example, you get an orgrimmar wolf and you faction change if you'll lose it for a stormwind steed. Sure, it makes sense that you would, but I wouldn't be surprised...
Getting exalted with another faction does NOT work for Pandaren on the beta right now, as far as I know and have tested. It's possible this was fixed in the recent maintenance, but as of pre-maintenace last week, no one who got their Pandaren to exalted with any factions were able to purchase mounts-- Pandaren have not been added to the "available to: races" tag on faction mounts.
You have to get a Lovebird, Dalaran, or other non-race tagged mount.