Ok, so....
The original flight form you could take at level 68 without flight training after a quest. This one is no quest but requires 70 and flight training AND 2 Orbs to spend on it. This is understandable given the classless nature of the server.
The original was instant cast. This one has a cast time which is useless now given that you can't fly when flagged for High Risk PvP and from a PvE perspective its just fine. Which is a major strike against it as it does remove much of the utility to it like when you could jump out of water and just fly away which even that isn't as big of a thing here since Random Dungeon Finder removes much of the need to got underwater in Zangarmarsh. This is completely unwarranted given the fact that you are spending orbs on this rather than actually spending it on other things with the half benefit of at least using it to herb if you are a herbalist assuming no mobs stop you from doing it.
ON TOP OF ALL THAT.....
The original flight form would adjust to your swift flight training and match the flight speed of your swift mounts. Here it does not and stays just as slow as always....
At this point they should just make the flight form a free purchase for players that costs no orbs as it doesn't hold a candle to the mounts which costs no orbs to purchase.
How much worth does flight form have when its WORSE than a normal mount almost across the board with an orb cost associated with it as well?
So to recap:
Flying Mount vs Flight Form
One time gold purchase vs 2 Orbs (Winner: Flying Mount)
Both require cast time (Tie)
No mana cost vs 264 mana cost (Winner: Flying Mount)
Usable everywhere as a land mount vs not usable outside of Outland (Winner: Flying Mount).
Swift Flight Training makes it quick vs Slow no matter what (Winner: Flying Mount)
Have to dismount to herb vs able to herb in form (Winner: Flight Form so long as you don't mind taking twice as long to get there).
Until its addressed, very little reason to ever use the flight form at this point...... Which sucks because I was waiting for the swift flight training this entire time just so the bird form would have some speed to it.