As of Patch 4.0.3, this can be used as a flying mount in Azeroth with the appropriate riding (flying) skill.
There was an official post on the forums suggesting the level and tailoring requirements for this mount could be lowered. However, only the level changed in Patch 3.2.0. 
In Patch 3.3.0 the skill requirement needed to learn how to craft this carpet has been reduced to 340, down from 410, and to learn it has been reduced to 300, down from 410. The old material requirements were also replaced with materials available in Outland.