Based on http://www.mmowned.com/forums/wow-ex...reak-free.html
The thing is that any level can take the mount, i made this new char and it worked just as it would if i were 80.
edit: many have asked about me not having a buff or that it is a flight path. The loaner doesnt have a buff and i'm pvp marked and have the "leave vehicle"-icon over my action bar
and yes it still works.
I think it requires the original mount owner to be online, i was unable to control the mount after he did alt-f4 and he cant logout the normal way. And when i saw him as disconnected i was dismounted.