I've searched this forum a couple times and didn't find anything regarding this little trick.
Requirements:
1) Blink
2) A little bit of timing
I know buying those light feathers from the AH can stack up for noobs, (not to mention taking up inventory slots).
It's simple.
1) Jump off a ledge (eg. From Lumber Mill in Arathi Basin or From Blacksmith to Mine)
2) A little before you hit the ground, simply hit blink.
Ta da! No dmg!
With this you can jump right back into battle!