In store for use in patch 3.2 is eng item:
Item: the Northrend Wormhole Generator
Use: Creates an unstable wormhole the Engineer can use to travel around Northrend. Lasts 1 min. (4 Hr CD)
Note: See warning...
Warning: "Dimensional folding is not fully understood in any capacity. A parachute and medical supplies are best kept on hand!"
One wowhead poster has most of the good info (Credit: reneakazyx)
You can end up in the following zones and places:
o Borean Tundra
-- 53.15 - On a small rock. Safe spot
-- 51.44 - High in the air above the lake. Safe spot
o Howling Fjord
-- 58,47 - On a ledge on top of Utgarde Keep. Need parachute/flying mount to get down.
o Sholazar Basin
-- 34,39 - On a ledge on the pillar. Need parachute/flying mount to get down.
-- 65,31 - On a mountainside. Can get down by taking small falls.
o Storm Peaks
-- 43,25 - Right above the Meeting Stone for Ulduar. Safe spot
Blizzard seems to be adding more wormhole places and hopefully some malfunctions over time. I will add my findings here.
But also uncovered in the vastness that is wowhead.... An interesting item that was 'included' (but not implemented) in the initial release of WoLK.
Item: Gigaflux Dimensional Transporter
Used to create: "Wormhole: Gadgetzan"
Note: "Creates an wormhole that should get you and your party members to Gadgetzan."
As posters at wowhead have pointed out this is not actually available in the game (but these items are buried in the game code). I just wonder if this is just on the back burner...