You guessed it...
After reading countless Wowhead comments and watching countless Youtube videos all of which were absolutely no help at all... and failing four times, I was at my wits end when I finally downed half a beer (you really need it for this chain) and completed the last Dragonmaw Race quest for the Nether Drake mount. I still have a long way to go, but that is one major obstacle out of the way.
Incidentally, unbeknowst to most of the Wowhead commenters, it is still very possible to fall to your death or near-death even though you can no longer be dismounted. I know because it happened to me three times. So, unless you have a top end system and absolutely no lag, I suggest doing these racing quests naked because at level 85 with iLevel 351 gear, the repair bill from this crap quest chain can be very expensive.
Also, when killing the Dragonmaw Transporters on the skyway, be sure they are right above the floating rock formations when you aggro them because they have a very long range and will not move if you try to kite them closer. If you kill them while they are not right over the formation, they'll fall into the nether and won't be lootable.
I did try this reputation grind with my first 80 on the EU realms, ground my rep all the way to exalted and because I did not finish the quest chain as a result of my frustration with these damn races and my lag to the EU servers, the mount vendor would not talk to me. SO... in honour of my dear friend Vly, whom I miss terribly and made the engineering bits that I needed for the Soul Cannon quest, I SWEAR TO FUCKING GOD I AM GOING TO GET THAT DAMN NETHERWING DRAKE!!!!!!
Now that I have that out of my system, my baby retardin did get her little Ravasaur mount. I have just been too mentally fucked up to post about it. Here's a picture.
Anyway, I hope everyone is enjoying patch 4.2 more than I am. I think it is the worst patch to date and really wish Blizzard would quit catering to the end-game raiders and pvp-whiners and actually fix the shit they keep botching up while bending over ass-backwards for those whiners. Don't believe me? How about the countless interface and environment problems that have been here since Burning Crusade that still haven't been fixed, but when an end-game raider complains about a raid encounter or a pvper complains about a certain class being overpowered, that crap gets fixed or altered right away. It's complete bullshit.