I was playing around a little with flying in Dalaran, and decided to see what would happen if I fell so hard into the well that I would die before it would teleport me, and it did exactly as I expected.
For this to fully work, you must either have a soulstone on you, or be a shaman (make sure you have Ankhs for Reincarnation).
Here's the video:
[ame="http://www.youtube.com/watch?v=Xhj2tfpPK1g"]YouTube - Dalaran Well[/ame]
Edit: Not sure why the video is posted twice..
I hope you guys like this, happy explorin'!