Beginning in just a few days, players who participate in the Recruit-A-Friend program will receive a whole new reward for showing a friend the ropes in Azeroth: the X-53 Touring Rocket, a two-seater flying mount that automatically increases its speed as your mount skill improves (up to 310% speed if you already have a 310% mount). The X-53 will be replacing the current Zhevra mount reward, which is retiring from the Recruit-A-Friend business after a good run. If you've already claimed a Zhevra (or claim one prior to the change), you’ll be able to hang on to it, of course. We’ll have more details on the new Recruit-A-Friend mount once it becomes available.

Current Recruit-A-Friend FAQ - http://eu.blizzard.com/support/article.xml?locale=en_GB&articleId=30562

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Q u o t e:
If I already got a zhevra in stock (waiting to grant it to one of my chars), will that one be converted into a rocket?

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A good question with no concrete answer at this time, I'm afraid. :) We hope to get more information when the Soonâ„¢ becomes Very Soonâ„¢.

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Q u o t e:
Is it it okay if I recruit an additional account just to obtain the rocket mount and then never pay for the account again?

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So long as you meet the criteria detailed in the FAQ, sure.