
When your character is new, getting around on your feet is not a problem, you don't need to go too far so walking everywhere is just fine! Around level 10-15 you will start to feel the sting of walking. This is also around the level range where you should encounter your first taxi flight! If you're alliance you will ride upon a gryphon or a hippogryph, if you're horde you will sit atop a wind rider (basically a big bat!)
You can take a taxi flight at any level assuming you have enough to cover the cost of the flight, but there aren't any flight paths until level 10+ zones, except for the cities. Your character is created 'knowing' the flight path of the nearest city to where you begin. All other locations must have been visited on foot prior to being allowed to fly there. Click the links below for a detailed map of the flight paths within Eastern Kingdoms and Kalimdor. (Thanks to WorldofWar.net)
Kalimdor Eastern Kingdoms
At level 20 your character can buy the ability to ride their very own mount when ever and where ever they wish! The training cost is 4 gold, this will allow you to buy and use a mount, the mounts themselves cost an additional 1 gold. Paladins and Death Knights get a spell to teach them a mount which costs only 1g. Level 20 mounts travel at 60% faster than walking speed. At level 20 your character will get a mail in-game to let them know where to train and where to buy your mount.
At level 40 you can learn the ability to ride faster mounts, twice the speed of walking! The training is 50g plus another 10 for each mount you might want to buy.
At level 60 you can learn to fly! This is fairly new and is to help characters move through old content faster, training is 600g and a further 100g for a flying mount, the mounts now fly at 150% (up from 60% previously).
At level 70 you may learn artisan flying, it costs a hefty 5000g, but you will likely be moving onto northrend at lvl 70 where you arent allowed to fly until level 77 so you might want to hold off until then. Some players may wish to spend longer in outlands or can easily afford the flying cost and would like to purchase it right away.

pictured: 60% ground, 100% ground, 150% flying and 280% flying
At level 77 You can learn 'cold weather flying' which will allow you to use your flying mount in northrend. It will cost you 1000g.
Another recent addition to the game is 'Tome of Cold weather flight'. If you have a level 80 character, you can buy this book for 1000g and send it to any of your OWN lower level characters and it will allow them to fly in Northrend from level 68 and upwards, this will allow them to level much faster through northrend content.
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