My previous post on this :)
The only revision necessary would be that since most people are hearthed at their respective faction cities in the Vale of Eternal Blossoms, since those cities have portals to all the capitols, DON'T set your hearth to Orgrimmar/Stormwind. Also, since you'd probably be starting off there anyway, you might as well stop in Shattrath first, to pick up the Orphan quest there before heading to Org/SW.
That will stream-line your questing a bit, since you wouldn't have to make an extra trip that way. Grrr....I'll just copy/paste, and replace what's needed, though I'm not gonna do the hyperlinks again. :)
Horde route doing both Orgrimmar and Shatt orphans together.
Shrine of Two Moons/Shattrath to pick up quest/Orgrimmar to pick up quest.
Azshara for riding the rocket/Org/portal in Cleft of Shadows to Dark Portal in Blasted Lands/take a windrider to Zabra'jin in Zangarmarsh to get to Sporeggar for Hch'uu/then fly to the Throne of Elements.
After that, use your Hearth to Vale/Dalaran teleport ring/Gadgetzan teleport to get to Tanaris to visit the Caverns of Time (if you don't have either of those, take the portal in Shatt back to Orgrimmar to get a port from a mage to Dalaran). Hearth to Vale, and use the portal to Silvermoon City to rock out with the Elite Tauren Chieftains. Ride back north to the teleport to UC, then go visit Sylvanas.
Go back to the Mage quarter to the portal to Blasted Lands, go through the Dark Portal, fly to Shattrath, and go turn in your Blood Elf orphan. Take the portal in Shatt to Org, then either get a port or fly to Thunderbluff. Ride east to Red Rocks to honor Cairne Bloodhoof, then take the nearest windrider back to Orgrimmar (for those with flying, you can fly over the mountains to your east to the Hunter's Hill flightpoint). Go get Ice Cream, fly a kite, pick up the sword rack, get your choice of pets.
Alliance route doing both Stormwind and Shatt orphans together.
Shrine of Seven Stars/Shattrath to pick up quest/Stormwind to pick up quest.
Fly to Westfall for your Chopper ride, then come back to Stormwind. Fly or get a port to Ironforge to visit King Magni Bronzebeard, then take the portal in the Mystic Ward to Blasted Lands, go through the Dark Portal, complete quest. Take a windrider to Allerian Stronghold in Terrokar Forest, then fly to the middle of Auchindoun. Fly back to Allerian Stronghold, then take a windrider to Telaar in Nagrand. Fly to Aeris Landing (the Consortium guys), and talk to Jheel. After that, use your Hearth to Vale/Dalaran teleport ring/Gadgetzan teleport to get to Tanaris to visit the Caverns of Time. Hearth back to Vale, then portal to Darnassus after Caverns of Time to visit Malfurion Stormrage.
Don't leave the Temple of the Moon, just take the portal there directly to the Exodar, then follow the spiral walkway all the way down to visit O'ros. He gives you a follow-up quest to visit the Farseer in the Exodar. Hearth to Vale, take the portal to Shattrath. Turn in your Draenai Orphan for your pet. Take the portal in Shattrath back to Stormwind, get ice cream, fly a kite, pick up a sword rack, and finally turn in the orphan for your pet.
(Disclaimer - Be very, VERY careful in picking your orphan in Dalaran. Check through your pets to see if you have either the Curious Wolvar Pup, or the Curious Oracle Hatchling. Don't pick up the whistle for an orphan that you already have, or all you have to look forward to is an awesome 5 (five) gold reward.)
For the Dalaran quests, there's no variance between Horde or Alliance. I usually went through this route. For the Oracle orphan - Dalaran to Grizzlemaw in Grizzly Hills/Bronze Dragonshrine in Dragonblight/then Winterfin Retreat in Borean Tundra. After that, the Oracle Orphan sends you to Shaper's Terrace through Sholazar Basin, then Alexstrasza in Dragonblight.
For the Wolvar Orphan - Dalaran to Grizzlemaw in Grizzly Hills/Bronze Dragonshrine in Dragonblight/then Snowfall Glade in Dragonblight. After that, go back to Alexstrasza in Dragonblight, and THEN go to Sholozar Basin to meet Hemet Nessingwary .
When those quests are done, it's back to Dalaran to fly a kite at the Wonderworks, and you finally get to turn in the orphan. You recieve your pet through the mail in a few moments, so don't worry about not getting it from the Matron.